The tossers that queued up outside Northern Rock

[RlCO 0]

I hope you're happy with yourselves now that the only thing you've achieved is the shafting of north-east people and their shareholdings, and possibly the northern rock charity trust.

[Guest alex]

Government's fault imo (negative publicity rather than the crisis).

[The Fish 8989]

Government's fault imo (negative publicity rather than the crisis).

 

 

Add the sensationalist media to that. I was watching Charlie Brookers Screenwipe and they were covering this. An outside broadcast was just finishing and the guy in the studio said "Thanks Jenny and we'll be sure to come back to you.." -fixes the camera with a solemn scowl "...when the panic will ensue"

[Guest alex]

Government's fault imo (negative publicity rather than the crisis).

 

 

Add the sensationalist media to that. I was watching Charlie Brookers Screenwipe and they were covering this. An outside broadcast was just finishing and the guy in the studio said "Thanks Jenny and we'll be sure to come back to you.." -fixes the camera with a solemn scowl "...when the panic will ensue"

Aye, I saw that. The people who took their money out fearing losing their life savings are the scum of the Earth too like I swear RICO's Vic like, I really do. Or at least his post-op frontal lobe.

[manc-mag 1]

How high up is Gemmill in Norther Rock btw? Anybody know? I'd have withdrawn my money on that basis alone tbh.

[Meenzer 14055]

The queuers, the government, the meedja, the company's management and the economy as a whole, nobody exactly comes out of the thing smelling of roses. What a bloody mess.

[The Fish 8989]

when one guy was asked why he was panicking he replied that he wasn't, then the interviewer asked what he was doing and he said taking his money out of Northern Rock before it crashed.....

 

I swear to God the people in this country are all to quick to believe print.

[Guest alex]

Think I told a few people on here and/or down the pub but my mate Lee's Dad queued-up to get his money out then queued-up the next day to put it back in after the government said they'd cover people's savings

[Guest alex]

when one guy was asked why he was panicking he replied that he wasn't, then the interviewer asked what he was doing and he said taking his money out of Northern Rock before it crashed.....

 

I swear to God the people in this country are all to quick to believe print.

I saw that Screenwipe. JWTBQFH

[RlCO 0]

Government's fault imo (negative publicity rather than the crisis).

 

 

Add the sensationalist media to that. I was watching Charlie Brookers Screenwipe and they were covering this. An outside broadcast was just finishing and the guy in the studio said "Thanks Jenny and we'll be sure to come back to you.." -fixes the camera with a solemn scowl "...when the panic will ensue"

Aye, I saw that. The people who took their money out fearing losing their life savings are the scum of the Earth too like I swear RICO's Vic like, I really do. Or at least his post-op frontal lobe.

 

Well all I know is this Vic is some kind of internet celeb going by the NSG thread, and I've seen a vicmag posting on one of the TOTT splinter boards and he seems ok, but apart from that, I'm still none the wiser than I was when you said it the first time, or the second, or the third, and all the times after that after which I gave up replying.

 

As for the savers, they were plain daft. If anything was going to happen, it was clear every bank would have been in the shit, so unless they were stuffing their hundred grand under their matresses, it was a pretty stupid waste of an afternoon as its turned out and any sane person was telling them at the time, except now it looks like a good few ordinary folk who had confidence in a local business and people with local jobs are now going to get royally shafted. Although I suppose we are talking about people who were daft enough to think putting all their £100,000 life savings in one bank was a good idea anyway.

[Guest alex]

Government's fault imo (negative publicity rather than the crisis).

 

 

Add the sensationalist media to that. I was watching Charlie Brookers Screenwipe and they were covering this. An outside broadcast was just finishing and the guy in the studio said "Thanks Jenny and we'll be sure to come back to you.." -fixes the camera with a solemn scowl "...when the panic will ensue"

Aye, I saw that. The people who took their money out fearing losing their life savings are the scum of the Earth too like I swear RICO's Vic like, I really do. Or at least his post-op frontal lobe.

 

Well all I know is this Vic is some kind of internet celeb going by the NSG thread, and I've seen a vicmag posting on one of the TOTT splinter boards and he seems ok, but apart from that, I'm still none the wiser than I was when you said it the first time, or the second, or the third, and all the times after that after which I gave up replying.

 

As for the savers, they were plain daft. If anything was going to happen, it was clear every bank would have been in the shit, so unless they were stuffing their hundred grand under their matresses, it was a pretty stupid waste of an afternoon as its turned out and any sane person was telling them at the time, except now it looks like a good few ordinary folk who had confidence in a local business and people with local jobs are now going to get royally shafted. Although I suppose we are talking about people who were daft enough to think putting all their £100,000 life savings in one bank was a good idea anyway.

Does it not get dull being perfect?

[Tooj 17]

I was just trying to withdraw 20 sheets from the cash machine tbf.

[peasepud 59]

How high up is Gemmill in Norther Rock btw? Anybody know? I'd have withdrawn my money on that basis alone tbh.

 

I thought thats what its all about.

 

 

That was why I queued for 3 hours to take my £23.46 out.

[NJS 3978]

Aye, I saw that. The people who took their money out fearing losing their life savings are the scum of the Earth too like

 

How many had more than £32k? - if they had less they should have been culled.

[RlCO 0]

Aye, I saw that. The people who took their money out fearing losing their life savings are the scum of the Earth too like

 

How many had more than £32k? - if they had less they should have been culled.

 

I was frankly amazed at how many absolute dimwits had managed to amass a hundred bloody grand of life savings.

[Tom 13846]

The queuers, the government, the meedja, the company's management and the economy as a whole, nobody exactly comes out of the thing smelling of roses. What a bloody mess.

 

I thought that said queers for a second

[LucaAltieri 0]

The queuers, the government, the meedja, the company's management and the economy as a whole, nobody exactly comes out of the thing smelling of roses. What a bloody mess.

 

I thought that said queers for a second

 

Nah, just something about Robert Smith apparently.

[Meenzer 14055]

I'm not at all sure it's a real word actually.

[Meenzer 14055]

http://www.thedailymash.co.uk/news/busines...ds-20080115660/

[Happy Face 29]

Northern Rock to be nationalised

 

Northern Rock is to be nationalised as a temporary measure, Chancellor Alistair Darling has said.

 

Neither of the two private proposals to take over the beleaguered bank offered "sufficient value for money to the taxpayer", Mr Darling said.

 

He said the public would gain if the government held on to Northern Rock until market conditions improved.

 

Ron Sandler, nominated by the government to run Northern Rock, said savers' deposits would be secure.

 

But shadow chancellor George Osborne told the BBC that the Conservatives would oppose plans to nationalise Northern Rock.

 

"After months of dither and delay we have ended up with this catastrophic decision," said Mr Osborne.

 

"We now have the situation where the government will be making decisions on whether or not to foreclose on people's loans in a falling housing market," he added.

 

A consortium led by the Virgin group was leading bids to run the beleaguered bank, while a management buyout had also been considered.

 

But ministers have decided that nationalisation - the first such move since the 1970s - was the only option.

 

Virgin boss Sir Richard Branson criticised the government's decision: "We believe we had a very strong proposal, an experienced team and one of Britain's best brands.

 

"We believe nationalisation is not the right answer and that a commercial solution would have been the best way forward."

 

Explaining the government's decision, Mr Darling said: "It is better for the Government to hold on to Northern Rock for a temporary period and as and when market conditions improve the value of Northern Rock will grow and therefore the taxpayer will gain."

 

"The long-term ownership of this bank must lie in the private sector".

 

Northern Rock got itself into financial difficulties last year because its business model left it ill-prepared for the global credit crunch.

 

It was forced to ask the Bank of England for emergency funding, triggering the first run on a British bank in more than a century.

 

Nationalisation will be pushed though parliament with emergency legislation on Monday.

 

Shares in Northern Rock will be suspended on Monday morning.

 

Under nationalisation rules, shareholders will be offered compensation for their holding, at a level set by a Government-appointed panel.

 

Investors could begin legal action if they are unhappy with the amount offered, with BBC Business Editor Robert Peston saying that it was "inevitable" that the government would be sued by shareholders who felt they had been "fleeced".

 

UK taxpayers are now subsidising the bank in loans and guarantees to other lenders to the tune of about £55bn.

 

The Treasury now feels that nationalisation offers the most certainty of securing these guarantees, Mr Peston said.

 

It is thought that the business model it proposes will be similar to those put forward by the Virgin Group and the in-house management consortium.

 

These were likely to see a downsizing of the bank, with job cuts likely, observers say.

 

The Treasury had already recruited Mr Sandler, the former boss of the Lloyd's of London insurance market, to lead Northern Rock, in case it were nationalised.

 

Mr Sandler is widely regarded as having restored confidence in Lloyd's after its years in financial disarray.

 

He said the changes would have no impact on the guarantees made to lenders, or the government-backed support for savers' deposits.

 

"It is business as usual," he said.

 

Mr Sandler is well known to Prime Minister Gordon Brown, and worked for the Treasury in developing the so-called stakeholder pension and investment products that were intended to help those on lower incomes save for retirement.

 

Chairman of the Commons Treasury Select Committee John McFall said that he welcomed the Government's decision to nationalise.

 

"They have explored every avenue. At the end of the day the biggest issue is the safeguarding of taxpayers' money. If nationalisation saves that money, that has to be the correct step in the long term."

 

Liberal Democrat treasury spokesman Vince Cable said that the right decision had been taken, though "belatedly", and that the government should have walked away from the prospect of a private takeover some time ago.

 

"The important thing now is to do the right thing and the government has got to immediately establish what the problems are with this bank."

 

http://news.bbc.co.uk/1/hi/business/7249575.stm

 

Why can't the BBC construct paragraphs of more than one sentence?

[Lazarus 0]

Gemmills at norther Rock eh?

 

When exactly did he join? and when did NR get into trouble?

 

[sweetleftpeg 0]

He's an accountant. Whoops.

[Happy Face 29]

Isn't this the sort of thing that leads to fascism?

 

It's a bit of a concern, what with people getting locked up for 2 months without charge, getting extradited without a case being made, the erosion of freedom of speech & the right to protest, and the encouragement of torture.

 

[Happy Face 29]

Just had a google about to see if I was out on a limb with this one....

 

I am wondering whether anyone else has noticed the similarity between Vince Cable's comment on Northern Rock, that "(t)he taxpayer is standing behind the taxpayer and we have a private sector solution without private money as well as nationalisation of liabilities and losses and privatisation of profits" and Gaetano Salvemini's description of Italian fascist economic policy, that "the State pays for the blunders of private enterprise... Profit is private and individual. Loss is public and social."

 

Link

 

[sweetleftpeg 0]

If anyone was in any doubt about the Tories views on the North East then today should certainly set that straight. We don't vote for them, so they couldn't give a toss. What a bunch of cunts.