The Virtual Pub
Come Inside... => Saloon Bar => Topic started by: Snoopy on September 14, 2007, 07:05:44 AM
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Anyone here with Northern Rock ~ I'd say get your money out quick ..... the FSA have expressed their "Full Confidence" in the company, a kiss of death if ever I heard one.
A representative of the FSA says they are responsible lenders but others say that Northern Rock has been lending up to 7 times income against inflated price properties. A 55% increase in lending in the past year is not "natural growth"
It's all going down the (https://www.virtual-pub.com/SMF/proxy.php?request=http%3A%2F%2Fwww.freesmileys.org%2Femo%2Ftoilet11.gif&hash=578520fa6dae1ab362d192501143f6c0100508a1)
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I thought this was going to be an alternative to Northern Soul.
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I thought this was going to be an alternative to Northern Soul.
Stupid Boy! point:
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Northern Rock is in no real danger, but questions should be asked about why the management let it get to this stage - they were far to reliant on mortgage business and their primary funding is via Securitisation of the mortgage debts. It's a cheap, but as can now be seen, uncertain and volatile a raising cheap mortgage funds.
Our company used to do it before we were taken over - so we no longer need worry about these swings in financial confidence.
On a separate note, despite being the IT bod in the office, this morning I have turned my hand to fixing Klix vending machines. Nothing to it really, it's just a big kettle!
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But without Coffee IT bods cannot function ~ everyone know that.
No praise for looking after your secondary source of nourishment (the first being Youngs old and filthy apparently)
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Coffee I rarely do, not at work anyway.
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Northern Rock is in no real danger, but questions should be asked about why the management let it get to this stage - they were far to reliant on mortgage business and their primary funding is via Securitisation of the mortgage debts. It's a cheap, but as can now be seen, uncertain and volatile a raising cheap mortgage funds.
Our company used to do it before we were taken over - so we no longer need worry about these swings in financial confidence.
On a separate note, despite being the IT bod in the office, this morning I have turned my hand to fixing Klix vending machines. Nothing to it really, it's just a big kettle!
Northern Rock shares are sinking fast. This is the first intervention of its kind in at least 30 years. Something is very wrong. To my mind it is the direct result of ten years of you know who.
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I almost changed my mortgage to Northern Rock a few years back (inertia got the better of me) They had by far the best offers around. Guess the chickens are home to roost.
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Coffee I rarely do, not at work anyway.
Essential for work decent coffee is, our own machine and coffee we bought as from canteen tastes like floor sweepings at plantation. eatdrink013
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Lucozade.
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The've only just added caffiene to it
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Red Bull.
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Tea, no sugar generally and a few pints of Guinness at lunch. The hip flask has some Black Bush in it, but I haven't touched it for ages.
Latest job involved me showing some numpty from Customer Care how to work the Video Conferencing facility, despite some real "Jack and Jill" instructions right beside it.
Time for a ciggie, methinks.
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Red Bull is ok Wenchy but nothing beats the taste of freshly brewed perfectly roasted civet coffee cloud9:
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Red Bull.
I tried the Virgin energy drink once, when I was fishing a match. Too much, I got dizzy and didn't even want to try standing up.
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And now the network is on a go slow as people send pictures of "Ceiling Cat" round the office...most odd.
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And now the network is on a go slow as people send pictures of "Ceiling Cat" round the office...most odd.
Care to post a copy? It would be interesting to know what is so intriguing that all your users are sending it round the office?
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And now the network is on a go slow as people send pictures of "Ceiling Cat" round the office...most odd.
Caturday pictures?
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eeek:
(https://www.virtual-pub.com/SMF/proxy.php?request=http%3A%2F%2Fwww.cisnky.com%2Fimages%2Fblog%2Fceiling_cat.jpg&hash=655f3ab768da21c3e983d70552a9a54c72a3ebd3)
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eeek:
(https://www.virtual-pub.com/SMF/proxy.php?request=http%3A%2F%2Fwww.cisnky.com%2Fimages%2Fblog%2Fceiling_cat.jpg&hash=655f3ab768da21c3e983d70552a9a54c72a3ebd3)
Whatever turns kitty on then. He'll have a longish wait round here, old age being what it is!
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Agreed sad24:
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eeek:
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Caturday pictures indeed.
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Item on the radio news just now:
Some woman has just withdrawn all her savings (?26,000) from Northern Rock and put it in another bank.
If all their depositors did this what would happen I wonder? Shades of the Wall Street crash spring to mind. IIRC that all started with a run on the banks with everyone drawing their money out.
Ooohh errrr, as one advert once said (for a financial institution - Allied Crowbar I think) "There may be trouble ahead. . ."
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Item on the radio news just now:
Some woman has just withdrawn all her savings (?26,000) from Northern Rock and put it in another bank.
If all their depositors did this what would happen I wonder? Shades of the Wall Street crash spring to mind. IIRC that all started with a run on the banks with everyone drawing their money out.
Ooohh errrr, as one advert once said (for a financial institution - Allied Crowbar I think) "There may be trouble ahead. . ."
You've made my day Marley, I haven't heard that phrase for years !!! Have an applaud!
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Item on the radio news just now:
Some woman has just withdrawn all her savings (?26,000) from Northern Rock and put it in another bank.
If all their depositors did this what would happen I wonder? Shades of the Wall Street crash spring to mind. IIRC that all started with a run on the banks with everyone drawing their money out.
Ooohh errrr, as one advert once said (for a financial institution - Allied Crowbar I think) "There may be trouble ahead. . ."
You've made my day Marley, I haven't heard that phrase for years !!! Have an applaud!
Why, thankyou kind sir! May I applaud your generosity!
I think they got the name from the way in which their salespeo Financial Advisors managed to 'crowbar' people into taking out their bonds (usually underperforiming if my wife's was anything to go by!)
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Working in a mortgage company (still do) I had the displeasure of speaking to them regularly as they coerced poor unsuspecting souls to buy their endowments as repayment vehicles for their mortgages with us.
And then two years later, they would get the customer to surrender that one and take out another. And so it went on...
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It was no different back in 1970 when I worked for an insurance broker. Somethings never change.
Personally I am certain that the "Bank of the Loose Floorboard" is the safest place for my money.
I buy the cheapest, minimal insurance possible as they will all try to welch on the deal if you make a claim and I firmly believe I have more chance of making money on Number 5 in the 3.30 at Newmarket than I do by letting someone else "invest" my hard earned.
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It was no different back in 1970 when I worked for an insurance broker. Somethings never change.
Personally I am certain that the "Bank of the Loose Floorboard" is the safest place for my money.
I buy the cheapest, minimal insurance possible as they will all try to welch on the deal if you make a claim and I firmly believe I have more chance of making money on Number 5 in the 3.30 at Newmarket than I do by letting someone else "invest" my hard earned.
Thanks Snoops, I've put fifty quid on it... happy088
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It was no different back in 1970 when I worked for an insurance broker. Somethings never change.
Personally I am certain that the "Bank of the Loose Floorboard" is the safest place for my money.
I buy the cheapest, minimal insurance possible as they will all try to welch on the deal if you make a claim and I firmly believe I have more chance of making money on Number 5 in the 3.30 at Newmarket than I do by letting someone else "invest" my hard earned.
Thanks Snoops, I've put fifty quid on it... happy088
::) What was that about a fool and his money? ::)
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It was no different back in 1970 when I worked for an insurance broker. Somethings never change.
Personally I am certain that the "Bank of the Loose Floorboard" is the safest place for my money.
I buy the cheapest, minimal insurance possible as they will all try to welch on the deal if you make a claim and I firmly believe I have more chance of making money on Number 5 in the 3.30 at Newmarket than I do by letting someone else "invest" my hard earned.
Thanks Snoops, I've put fifty quid on it... happy088
I do not believe there to be any racing at Newmarket today. Now if you had said the 3.20 at Sandown, Pillar of Hercules...
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It was no different back in 1970 when I worked for an insurance broker. Somethings never change.
Personally I am certain that the "Bank of the Loose Floorboard" is the safest place for my money.
I buy the cheapest, minimal insurance possible as they will all try to welch on the deal if you make a claim and I firmly believe I have more chance of making money on Number 5 in the 3.30 at Newmarket than I do by letting someone else "invest" my hard earned.
Thanks Snoops, I've put fifty quid on it... happy088
I do not believe there to be any racing at Newmarket today. Now if you had said the 3.20 at Sandown, Pillar of Hercules...
Which was why I picked Newmarket ::)
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It was no different back in 1970 when I worked for an insurance broker. Somethings never change.
Personally I am certain that the "Bank of the Loose Floorboard" is the safest place for my money.
I buy the cheapest, minimal insurance possible as they will all try to welch on the deal if you make a claim and I firmly believe I have more chance of making money on Number 5 in the 3.30 at Newmarket than I do by letting someone else "invest" my hard earned.
Thanks Snoops, I've put fifty quid on it... happy088
I do not believe there to be any racing at Newmarket today. Now if you had said the 3.20 at Sandown, Pillar of Hercules...
doh:
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It was no different back in 1970 when I worked for an insurance broker. Somethings never change.
Personally I am certain that the "Bank of the Loose Floorboard" is the safest place for my money.
I buy the cheapest, minimal insurance possible as they will all try to welch on the deal if you make a claim and I firmly believe I have more chance of making money on Number 5 in the 3.30 at Newmarket than I do by letting someone else "invest" my hard earned.
Thanks Snoops, I've put fifty quid on it... happy088
I do not believe there to be any racing at Newmarket today. Now if you had said the 3.20 at Sandown, Pillar of Hercules...
Which was why I picked Newmarket ::)
I am fully aware of that, dippy hound Banghead
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shrugs:
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Interesting comment from the FT, if we dare go back on topic for a bit!
http://www.ft.com/cms/s/2/2519ea44-62b1-11dc-b3ad-0000779fd2ac.html
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Interesting comment from the FT, if we dare go back on topic for a bit!
http://www.ft.com/cms/s/2/2519ea44-62b1-11dc-b3ad-0000779fd2ac.html
Back on topic! How very dare you? Banghead
Interesting link tho... whistle:
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3.20: 5 Amarna K Mcevoy 9-4 Fav, 1 Padlocked D Sweeney 5-1, 9 First Buddy O Urbina 16-1, 8 ran, non runners : 6.
Bugger cussing:
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TMR Both you posts are pretty much as I expected.
Northern Rock is going under .... however they dress it up .... it's finished.
As for the Nags .... take some advice from an older man ~ Fast women and slow horses have cost me a fortune over the years. Me telling you this won't stop you I know but at least I can say "I told you so" point:
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Mrs TMR is indeed a fast woman - when on her Gixxer - but she hasn't cost me much!
As for slow horses...well Mrs TMR - an accomplished horserider - generally picks the horses, but this time I went against her advice. Luckily, my losses were covered by her win on Matsonosuke is the earlier race. Beers on her then eyes:
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Desperately trying to stay on topic.
An incisive comment from a reader of the BBC news site :
"Northern Rock have always been fantastic to me (I have my mortgage with them) so I sincerely hope they weather this storm." point:
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As PT Barnum said "There's one born every minute"
I just want to know how the BBC find them so unerringly.
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But wait...Theres more!
"I'm leaving my ISA with them. They said don't panic so I am not"
"Don't panic Mr Mainwaring!! Don't panic Mr Mainwaring!!"
"This sort of thing would not happen in a socialist society."
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My mortgage is with them, I take it if they go under I won't have to pay?
razz:
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My mortgage is with them, I take it if they go under I won't have to pay?
razz:
Have a new Avatar Mr Silly ::)
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A Billion quid withdrawn by customers in one day and queues round the block again today. whistle:
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A Billion quid withdrawn by customers in one day and queues round the block again today. whistle:
There are few statements more likely to frighten people than a bank saying 'Trust us'.
Only our government can surpass that! and seeing as they are saying 'Trust us' too - Best RUN!
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A Billion quid withdrawn by customers in one day and queues round the block again today. whistle:
There are few statements more likely to frighten people than a bank saying 'Trust us'.
Only our government can surpass that! and seeing as they are saying 'Trust us' too - Best RUN!
Too true. Alistair Darling has said that Northern Rock has his full confidence and we all know what that means.
It's like the Captain of the Titanic asking for more ice in his scotch.
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According to The Sun (Wot Won It)
"The bank has continued to lend customers five times their salary and 125 percent of their home's value despite all warnings of economic instability and an impending fall in house prices,"
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I'm sorry to keep coming back to this but this one had me on the floor laughing;
A mobile billboard advertising a suicide prevention counseling service was parked in front of the Edinburgh branch, Sky News showed.
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For some reason people get extraordinarily upset about the thought of losing money.
Maybe it was someone's bright idea of a captive audience for the advertising.... ::)
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Maybe time to extol the virtues of Turnip Futures? rubschin:
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This close to harvest, I wouldn't have thought they had one.... noooo:
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Maybe time to extol the virtues of Turnip Futures? rubschin:
I thought I was supposed to invest in biofuel? Banghead
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?2 billion now removed from savings accounts at Northern Rock. whistle:
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Pointless graphic on BBC news website.
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::)
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Pointless graphic on BBC news website.
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::)
lol: lol: lol:
And the queues to get their money out are still as long as several double-decker busses placed end to end?
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Pointless graphic on BBC news website.
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::)
There are dumb people interested enough to need that spelling out for them... Allegedly.
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Pointless graphic on BBC news website.
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::)
lol: lol: lol:
And the queues to get their money out are still as long as several double-decker busses placed end to end?
Ah but what's that in Football Pitches Eh?
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Pointless graphic on BBC news website.
(https://www.virtual-pub.com/SMF/proxy.php?request=http%3A%2F%2Fnewsimg.bbc.co.uk%2Fmedia%2Fimages%2F44117000%2Fgif%2F_44117505_north_rock_inf416.gif&hash=55d963be5b21a14da509dcc48b059f00a4eff169)
::)
lol: lol: lol:
And the queues to get their money out are still as long as several double-decker busses placed end to end?
And... They'd all fit into 11 Olympic sized swimming pools. confused:
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That's what I like ~ we can talk in real British measurements now that the EU has backed down on that silly metrication stuff.
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That's what I like ~ we can talk in real British measurements now that the EU has backed down on that silly metrication stuff.
Mmmmm! Reminds me, £B2 What was that in sixpences? About 80,000,000,000,000 give or take a few zeros.
I do love all this Olde English stuff... A 17/6d Newspaper! eeek: £1.2.6d cuppa a 5 Guinea breakfast
a 42/- bag o chips
I can see why they changed it all.
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Four O'clock news ..... The run on the bank continues. Shares down over 30% in a week.
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Pointless graphic on BBC news website.
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::)
I think the graphic is wrong. It should look like this:
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Six O'clock news ~ Chancellor speaks to the nation and says "The Government will guarantee ALL the savings deposited with Northern Rock"
Whoooaaa there Boy ..... that's our f*cking money you're promising to give these people ~ and all to cover up for ten years of Gordon's mismanagement of the economy.
Now the Alliance and Leicester ..... "shares targeted by speculators"
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Six O'clock news ~ Chancellor speaks to the nation and says "The Government will guarantee ALL the savings deposited with Northern Rock"
Whoooaaa there Boy ..... that's our f*cking money you're promising to give these people ~ and all to cover up for ten years of Gordon's mismanagement of the economy.
Now the Alliance and Leicester ..... "shares targeted by speculators"
Shades of 'Names' here I think... Guaranteed investments for the privileged You win - you keep it, you lose - we pay and you keep it.
Every pound in the NR savings accounts is one that Gordo WE don't have to shell out. confused:
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Six O'clock news ~ Chancellor speaks to the nation and says "The Government will guarantee ALL the savings deposited with Northern Rock"
As if the people believe this government.. ::)
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Six O'clock news ~ Chancellor speaks to the nation and says "The Government will guarantee ALL the savings deposited with Northern Rock"
As if the people believe this government.. ::)
Wankers eh? point:
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::)
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Six O'clock news ~ Chancellor speaks to the nation and says "The Government will guarantee ALL the savings deposited with Northern Rock"
Bastard! so free with my money.
The half dozon or so queuing outside the Houndsditch branch at 8am this morning obviously don't believe him.
I read in the paper this morning of a chap who withdrew ?500,000. Half a million! there must be better investments than a building society account for that sort of sum?
Anyway, they all must receive a cheque which they will promptly put where? Another Building Society or Bank of course.
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The had a report on Today this morning about a guy that basically said ?I was quite happy ?til the government said everything was okay?. point:
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Its like the inflation claim this morning Barman, according to government figures its now fallen below 1.8%. Of course your figures have fallen to below the 2% target, you use CPI to fudge the figures as it doesnt include mortgage payments. Take those into account and you are looking at over 4% inflation.
Useless lying money grabbing arseholes cussing:
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So they bale it out. And the farmers.
Where do I make a claim?
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Its like the inflation claim this morning Barman, according to government figures its now fallen below 1.8%. Of course your figures have fallen to below the 2% target, you use CPI to fudge the figures as it doesnt include mortgage payments. Take those into account and you are looking at over 4% inflation.
Useless lying money grabbing arseholes cussing:
Emphatic agreement on my part!
But what amazes me is that they still expect people to believe them. ::)
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Its like the inflation claim this morning Barman, according to government figures its now fallen below 1.8%. Of course your figures have fallen to below the 2% target, you use CPI to fudge the figures as it doesnt include mortgage payments. Take those into account and you are looking at over 4% inflation.
Useless lying money grabbing arseholes cussing:
Emphatic agreement on my part!
But what amazes me is that they still expect people to believe them. ::)
What amazes me is that people still believe them. noooo:
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They don't. Hence the queues outside Northern Rock branches!
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I suspect the truth is they no longer care whether we believe them or not.
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Of course they dont Snoops, they've been in power now for over 10 years without a credible opposition. Its not going to matter to them if we believe them or not the majority of people who would vote for anyone else cant see anyone worth choosing.
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There is no one worth voting for. Prolly even Boris noooo:
Maybe we should form our own Party!
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There is no one worth voting for. Prolly even Boris noooo:
Maybe we should form our own Party!
Why not? We could not do worse. VG-SRoLptmC Party anyone?
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There is no one worth voting for. Prolly even Boris noooo:
Maybe we should form our own Party!
Why not? We could not do worse. VG-SRoLptmC Party anyone?
Great ~ I'll bring the nibbles, Nick ~ you take care of the salad.
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There is no one worth voting for. Prolly even Boris noooo:
Maybe we should form our own Party!
Why not? We could not do worse. VG-SRoLptmC Party anyone?
Great ~ I'll bring the nibbles, Nick ~ you take care of the salad.
BM 4 PM? whistle:
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There is no one worth voting for. Prolly even Boris noooo:
Maybe we should form our own Party!
Why not? We could not do worse. VG-SRoLptmC Party anyone?
Great ~ I'll bring the nibbles, Nick ~ you take care of the salad.
BM 4 PM? whistle:
Get you and your frightful text-talk outta here. evil: B for PM!
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There is no one worth voting for. Prolly even Boris noooo:
Maybe we should form our own Party!
Why not? We could not do worse. VG-SRoLptmC Party anyone?
Great ~ I'll bring the nibbles, Nick ~ you take care of the salad.
BM 4 PM? whistle:
Well that's a bit early ~ most of us will not be there until eightish.
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Nibbles? Salad? I'm not turning up if there is no cake/chocolate/tart.
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Nibbles? Salad? I'm not turning up if there is no cake/chocolate/tart.
We kinda figured you would take care of all three ;)
Oooooooooh ~ but you walked into that one.
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Nibbles? Salad? I'm not turning up if there is no cake/chocolate/tart.
We kinda figured you would take care of all three ;)
Oooooooooh ~ but you walked into that one.
I sometimes post things to see if you lot will be able to resist the obvious comment. I am always disapointed. noooo:
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Snigger redface:
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Snigger redface:
Hiding behind Snoopy >snigger<
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Banghead
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shrugs: What can I say?
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shrugs: What can I say?
Snigger?
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'Bout sums it up I guess. redface:
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Smitey smite smite smite. Ahhh that's better. ;D
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Smitey smite smite smite. Ahhh that's better. ;D
So it is...
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Who brought you back to 99? cussing:
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Who brought you back to 99? cussing:
Just give him a flake for it ..... I think he has it rigged to stay on -99
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Ha Ha!!!
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Ha Ha!!!
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Who brought you back to 99? cussing:
Who brought you down to 98? whistle:
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Who brought you back to 99? cussing:
Who brought you down to 98? whistle:
Given the purpose of this thread let's look upon it as a correction of the karma Market shall we? whistle:
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Who brought you back to 99? cussing:
Who brought you down to 98? whistle:
Given the purpose of this thread let's look upon it as a correction of the karma Market shall we? whistle:
I see the Fed raised interest rates by 0.5% - can I expect my karma to bounce back then? ;D
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Who brought you back to 99? cussing:
Who brought you down to 98? whistle:
Given the purpose of this thread let's look upon it as a correction of the karma Market shall we? whistle:
I see the Fed raised interest rates by 0.5% - can I expect my karma to bounce back then? ;D
Well waddya know ~ it just rose one whole point.
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Who brought you back to 99? cussing:
Who brought you down to 98? whistle:
Given the purpose of this thread let's look upon it as a correction of the karma Market shall we? whistle:
I see the Fed raised interest rates by 0.5% - can I expect my karma to bounce back then? ;D
Well waddya know ~ it just rose one whole point.
cloud9:
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The building boom has restarted too ? I?ve just invested ?1.50 in a bag of cement? whistle:
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I just stole a bucket of sand tho so while construction is up so are the crime figures? prolly. What am I talking about? shrugs:
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Who brought you back to 99? cussing:
Who brought you down to 98? whistle:
Given the purpose of this thread let's look upon it as a correction of the karma Market shall we? whistle:
I see the Fed raised interest rates by 0.5% - can I expect my karma to bounce back then? ;D
I think you'll find that was a reduction, not a hike.
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Who brought you back to 99? cussing:
Who brought you down to 98? whistle:
Given the purpose of this thread let's look upon it as a correction of the karma Market shall we? whistle:
I see the Fed raised interest rates by 0.5% - can I expect my karma to bounce back then? ;D
I think you'll find that was a reduction, not a hike.
Um yes... redface:
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no sooner had the shares started to rise they are dropping again..
whistle:
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I just stole a bucket of sand tho so while construction is up so are the crime figures? prolly. What am I talking about? shrugs:
Damned if we know, although strangely enough you seem to be making more sense than normal old boy whistle:
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I just stole a bucket of sand tho so while construction is up so are the crime figures? prolly. What am I talking about? shrugs:
Damned if we know, although strangely enough you seem to be making more sense than normal old boy whistle:
Oh... redface:
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Back on topic (shame on me whistle:) this NR crisis means that Mortgage Intermediaries are unable to place deals at NR and my company is picking up lots of the bounty. So much so that at 10.30 this morning, I was asked to set up an environment for 11 people (temps) by Monday to cope with the massive increase in business. My monkeys put the desks in, I sorted the PCs and phones. It was ready at 12.37.
Big Boss was dead impressed and has chucked us all ?100 for our sterling effort. And STILL they're going to make us all redundant... Banghead
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Thirty billion is the amount that the government have now lent to Northern Rock – thirty farking billion!
The loan is now rapidly approaching the value of the company’s recoverable assets. The shareholders are completely farked – they will get nothing.
This government has completely farked the whole thing up – they should have bitten Virgin’s arm off when they showed any interest in the thing – too late now…
But the thing that really annoys me more than anything is that every time I sit down in front of the telly for a bit of R & R I have every charity in the world begging me for a few quid of my hard earnt to solve some crises or another. A couple of quid will educate an African child, rescue ill-treated animals, resolve child cruelty and cure cancer.
Yet the government isn’t concerned about cancer or child cruelty or people using dogs as ash-trays – the most important thing is ‘to protect the shareholders' of dead duck Northern Rock and they can’t even get that right.
And another thing – that RSPCA advert that is made up like a game show – the text you send costs £3 plus the call charge yet only £1.80 goes to charity. Where the fark does the other £1.20 go then?
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the text you send costs £3 plus the call charge yet only £1.80 goes to charity. Where the fark does the other £1.20 go then?
It lines the pockets of the evil, capitalist Vodafone shareholders. whistle:
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Taxpayer’s potential exposure to Northern Rock = One hundred billion Pounds! eeek:
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eeek: Even Mr Dance would blanche at that figure ~ though he would expect the lower orders to pay it of course.
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Bradford & Bingley has approached Northern Rock about buying assets from the troubled lender, the BBC's Business Editor Robert Peston has learnt.
Although the mortgage lender is not looking to buy Northern Rock outright, Mr Peston said it could become part of a private sector rescue of the firm.
Source (http://news.bbc.co.uk/1/hi/business/7149405.stm)
I can't help but believe that 'buying assets' means they are willing to skim off all the solid mortgages leaving the taxpayer with a load of valueless loans that will never be repaid… noooo:
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Any company that are stupid enough to sponsor that money pit that is newcastle disunited football club deserve to go bust! even mrs mc rae has removed her bussiness from northern rock she is now with scottish widows
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Any company that are stupid enough to sponsor that money pit that is newcastle disunited football club deserve to go bust! even mrs mc rae has removed her bussiness from northern rock she is now with scottish widows
drumroll:
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Bank watchdog 'to get more power'
(https://www.virtual-pub.com/SMF/proxy.php?request=http%3A%2F%2Fnewsimg.bbc.co.uk%2Fmedia%2Fimages%2F44268000%2Fjpg%2F_44268905_darling203cr_afp.jpg&hash=f7b6d7f2ab6006a880ec9ead286e3e2006ba6349)
The chancellor is planning to give the Financial Services Authority more power to deal with failing banks to avoid another Northern Rock-style crisis.
Source (http://news.bbc.co.uk/1/hi/business/7170921.stm)
Its amazing that this vile man has been telling us for months what a wonderful job the government did with Northern Rock and how well they coped, etc.
Now it was apparently ‘a crisis’ which demands new legislation and draconian powers for the FSA. This rushed legislation will only end in more taxpayer’s tears… noooo:
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Laws planned to nationalise Rock
The government has decided to use legislation to take Northern Rock into public ownership if nationalisation of the bank goes ahead.
A short emergency bill would be used, rather than the government buying the company in a conventional way.
Source (http://news.bbc.co.uk/1/hi/business/7190726.stm)
We could have told you that weeks ago... wankers! Banghead
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Anyone here with Northern Rock ~ I'd say get your money out quick ..... the FSA have expressed their "Full Confidence" in the company, a kiss of death if ever I heard one.
A representative of the FSA says they are responsible lenders but others say that Northern Rock has been lending up to 7 times income against inflated price properties. A 55% increase in lending in the past year is not "natural growth"
It's all going down the (https://www.virtual-pub.com/SMF/proxy.php?request=http%3A%2F%2Fwww.freesmileys.org%2Femo%2Ftoilet11.gif&hash=578520fa6dae1ab362d192501143f6c0100508a1)
Well said Mr. Snoops... happy088
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It only remained for Darling to flush. ::)
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A thought occurs .... can this be Berek's fault? We know him to be from the North East .... he has recently bought a football club ..... perhaps his withdrawal of funds from his piggy bank was the last straw. whistle:
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A thought occurs .... can this be Berek's fault? We know him to be from the North East .... he has recently bought a football club ..... perhaps his withdrawal of funds from his piggy bank was the last straw. whistle:
Could be... the draw that broke the camel's back?
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A thought occurs .... can this be Berek's fault? We know him to be from the North East .... he has recently bought a football club ..... perhaps his withdrawal of funds from his piggy bank was the last straw. whistle:
Now that Northern Rock has been nationalised it means that we poor taxpayers now sponsor both Newcastle United and Newcastle Falcons RU teams. Does this mean we could soon find ourselves mixing (I was going to say hob-nobbing but thought better of it) in the same company as Berek after the match?
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Thats an insult I'll have you know, Berek is a Mackem fan. He worships at the Stadium of Shyte. evil:
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A thought occurs .... can this be Berek's fault? We know him to be from the North East .... he has recently bought a football club ..... perhaps his withdrawal of funds from his piggy bank was the last straw. whistle:
Now that Northern Rock has been nationalised it means that we poor taxpayers now sponsor both Newcastle United and Newcastle Falcons RU teams. Does this mean we could soon find ourselves mixing (I was going to say hob-nobbing but thought better of it) in the same company as Berek after the match?
Yes, strange situation isn’t it? They also have some charitable trust which the government has pledged to keep on supporting…
The government is so shite at everything that a charitable trust I set up to support the homeless, etc. then Darling fucks up Northern Rock so the government has to give money to a charitable trust to step in where the government didn’t give enough money, etc. It’s like something out of The Cat in the Hat… noooo:
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Looking at Gordon and Darling (God that sounds like a lne from Blackadder) Cat isnt quite the word I'd have used although it does sound similar.
It doesnt matter how bizzare Dr Seuss got it could never have matched with this shower. noooo:
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A thought occurs .... can this be Berek's fault? We know him to be from the North East .... he has recently bought a football club ..... perhaps his withdrawal of funds from his piggy bank was the last straw. whistle:
Now that Northern Rock has been nationalised it means that we poor taxpayers now sponsor both Newcastle United and Newcastle Falcons RU teams. Does this mean we could soon find ourselves mixing (I was going to say hob-nobbing but thought better of it) in the same company as Berek after the match?
More importantly does this mean that we can all wear a Cashmere Overcoat, with Velvet Collar, and sit in the Directors' Box with "models" eyes:
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A thought occurs .... can this be Berek's fault? We know him to be from the North East .... he has recently bought a football club ..... perhaps his withdrawal of funds from his piggy bank was the last straw. whistle:
Now that Northern Rock has been nationalised it means that we poor taxpayers now sponsor both Newcastle United and Newcastle Falcons RU teams. Does this mean we could soon find ourselves mixing (I was going to say hob-nobbing but thought better of it) in the same company as Berek after the match?
More importantly does this mean that we can all wear a Cashmere Overcoat, with Velvet Collar, and sit in the Directors' Box with "models" eyes:
Don't you wear one anyway? whistle:
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Only when LL has him dolled up like a poodle BM point:
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Looking at Gordon and Darling (God that sounds like a lne from Blackadder) Cat isnt quite the word I'd have used although it does sound similar.
It doesnt matter how bizzare Dr Seuss got it could never have matched with this shower. noooo:
Hopefully they've shat on their own doorstep this time... Banghead
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Now that Northern Rock has been nationalised it means that we poor taxpayers now sponsor both Newcastle United and Newcastle Falcons RU teams. Does this mean we could soon find ourselves mixing (I was going to say hob-nobbing but thought better of it) in the same company as Berek after the match?
How dare you
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Now that Northern Rock has been nationalised it means that we poor taxpayers now sponsor both Newcastle United and Newcastle Falcons RU teams. Does this mean we could soon find ourselves mixing (I was going to say hob-nobbing but thought better of it) in the same company as Berek after the match?
How dare you
Steady on Berek .... many more performances under Keegan and the Toon may well find themselves down there playing your lot. I think that was what was meant rather than that you could possibly be a Newcastle Supporter.
<Pours Oil on Troubled Waters ..... lights match and walks away> whistle:
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Is this about people who kick pigs' bladders about? Heavens. noooo:
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I don't think they use Pigs' Bladders anymore Nick but in principle ~ yes.
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This is starting to look even worse for he taxpayer. If all that is going to be left of Northern Rock is the dregs of their business then the total cost could go through the roof. cussing:
Clashes are expected later in the House of Lords as peers debate the nationalisation of Northern Rock.
It comes after claims in the Commons the government was only taking over the "rubbish" from the mortgage book.
The part which takes the best mortgages and resells the debt will not be taken into public ownership, MPs were told.
Lib Dem spokesman Vince Cable said a firm called Granite had been "hived off" from Northern Rock with many of the best mortgage loans.
Mr Cable said: "The problem is that Granite is a separate institution which, as I understand it, securitises the best assets of the bank.
"The best mortgages of the bank are wrapped up in the Granite vehicle."
'Asset-stripping operation'
He said chief secretary to the Treasury Yvette Cooper appeared not to know what was happening to these mortgages.
We now need to have a very rapid and thorough explanation of exactly what's gone on here because this could be stopped in the House of Lords unless there's a proper explanation
Vince Cable
Lib Dem treasury spokesman
During an emergency Commons debate on the bill to nationalise the bank, Mr Cable said: "What we are now being told is that in some way this has now been hived off to the benefit of a person or persons unknown, apparently, to the minister.
"What is going on here appears to be not public ownership of Northern Rock but an asset-stripping operation designed to benefit whoever, we don't know. This is a very serious development."
He said the remainder of Northern Rock's assets, which have been acquired by the government, consisted of unsecured mortgages for up to 125% of the value of a home.
'Ping pong threat'
Mr Cable added: "We now need to have a very rapid and thorough explanation of exactly what's gone on here because this could be stopped in the House of Lords unless there's a proper explanation."
The Lib Dems support the nationalisation of Northern Rock but they will call for more time to debate it if the government does not provide a better explanation later when the emergency legislation comes before peers.
The government could then be faced with the prospect of the bill 'ping ponging' between the Lords and Commons on Thursday - the deadline minister have set for getting it on the statute books.
Jersey-based Granite, which was set up in 1999, is a securitisation vehicle through which mortgages are parcelled up and sold to investors.
It is thought to hold about £45bn of Northern Rock assets, about 40% of its business, but there are potential legal obstacles to its nationalisation, including the fact that is based offshore.
MPs have also expressed concern that - under Granite's structure - investors could call in their loans if mortgages are not continually replaced by new ones.
Conservative MP Philip Dunne said this left "a gaping hole" in the nationalisation programme, potentially putting taxpayers at a much larger risk than previously claimed.
But Ms Cooper insisted the government had made the position on Granite clear and taken everything into account and that taxpayers would not be made to the foot the bill if it collapsed.
"It is a separate legal entity, it will not be covered by the order - but equally it was not covered by the government guarantees and we have made that clear from the beginning," she said.
'Rubbish assets'
But former Conservative chancellor Kenneth Clarke persisted: "The best assets are in Granite.
"It looks as though there is a contract enabling more assets to be drawn in and it is the rubbish in the assets that we are now nationalising."
Emergency legislation to nationalise the stricken bank was rushed through the Commons in a single day on Tuesday.
The Banking (Special Provisions) Bill was given a third reading by 293 votes to 167 despite Conservative opposition.
If passed, the legislation will put the troubled bank into what the government has described as temporary public ownership.
The action comes after the bank ran into problems last autumn amid the US sub-prime lending crisis and the global credit squeeze.
Ministers opted for public ownership of Northern Rock after rejecting a bid from a consortium led by Sir Richard Branson's Virgin Group and a proposal from the board of Northern Rock.
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It looks like they've cocked it up again.
When will politicians (particularly Labour ones) realise that for all their ministerial cars and perks, posh offices in London, syncophants hanging on their every word and a press that builds them up to look important they are, in reality, still only failed solicitors, teachers and trades union officers who are elected for five years. They have no financial training and very little training for anything else. If they were any good at anything or even half as good and clever as they think they are then companies would be paying them a damned sight more than they currently earn.
They are not and never will be a match for the hard nosed business types in the city who run rings round them everytime.
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Bastards! Angry9:
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Does rather blow a large hole in the myth of the "Solid North Eastern Values of Honesty and Integrity with only the customers interests at heart" routine they've been peddling for years doesn't it.
Wonder what all those twats who have appeared on the TV Vox pops claiming that "It's t'rock o t'north etc" feel now that the truth is coming out and that their reverred "local trustworthy building society" was always a vehicle for off shore, tax avoidance schemes and dealings based on the savings of honest folk but designed to make a select few very rich.