Northern Rock

[David Johnson]

So let's get this right, we, the taxpayer, bale out Northern Rock in 2007 to the tune of ?1.4bn and in so doing nationalise the bank. In short we nationalise a private company's losses.

Then Northern Rock gets divided into two banks, the "good bank" which has a chance of making money and the "bad bank" which contains a load of dodgy lending.

Boy George keeps the "bad bank" in the government's hands and after the previous government put ?1.4bn in, Boy George sells the "good bank" to another private company, run by Richard Branson, for about 700 million.

Boy George then announces that this is a wonderful deal for the British taxpayer. Ya what!!! Did I miss all the maths lessons at school?

The question I do not understand is why on earth he sold the bank now at a time when banking stocks are at rock bottom? Why not hold on to the asset for years down the track when they have revived and the taxpayer can get their money back?

There are only two explanations:
1. Osborne is a total dick. As critical as I am of the guy, I do not believe this to be the case.
2. He realises the economy and the banking system are totally banjaxed, things can only get worse and it's a firesale.

Of course he could never admit 2. but I can't understand any other reason.

Cheers
D

[Gusset Sniffer]

The Tories will be getting a nice xmas donation from Virgin.

Didn't Virgin offer ?1.5bn for Northern Rock including all it's bad debt when it went tits up?????

Now dumber Osborne allows them to cherry pick the best bit for ?0.74bn leaving the toxic crap with the tax payer. And he sells the safe money making best bit containing all the large deposit mortgages right at the bottom of the market???????????

Wonderful Osborne! You thick incompetent prick!

[David Johnson]

Steve Bell's take on the deal between Branson and Osborne

http://www.guardian.co.uk/commentisfree ... ck-cartoon

[Lizard]

I suspect this is more down to Job Creation for the N.E. On the radio yesterday there wasn't a bad word to be said about this deal, well not from the Northern Rock employees, Branson been tring to get his hands on a major bank for years, just like the National Lottery, he's a cunt.

[Gusset Sniffer]

Oh I feel sick! Osborne the Gimp! And didn't Virgin move to Switzerland to avoid paying millions in tax?

Meanwhile Dave is in Berlin trousers down Eton style for a Angela !domme! He hopes

[David Johnson]

What this isn't is a job creation scheme. Basically Branson is just the front for a bunch of venture capitalists. Virgin Money has agreed to no redundancies for 3 years but after that anything is possible.

Branson has previous in banking. In the 1990s he set up the Virgin One account and said that it would revolutionise banking and be the most significant thing that has happened in the last 50 years in banking.

Two years later he had just 25,000 customers and Branson sold it to RBS for ?45million.

Cheers
D

[andy at handiwork]

However you look at it, we woz robbed!

[David Johnson]

"And didn't Virgin move to Switzerland to avoid paying millions in tax? "

Shame on you. This is all about the UK allowing our entrepreneurs to be competitive with those in other countries!!!!!!! Osborne is carrying on from Brown's lead.

http://www.guardian.co.uk/business/2011 ... tax-saving

http://www.thisislondon.co.uk/standard- ... x-saver.do

Richard Branson - a benefits/tax scrounger of the worst kind.

Cheers
D

[Von Boy]

I agree with Lizard I think its a job "keeping"scheme for the north east... sadly in 3 years time the HQ will be closed down unless the next Labour government pumps millions into it.... So its a simple choice.... jobs equal tax payers money to keep it in the north east or redundancies equals tax payers money for the benefits... either way the hard press UK tax payer gets it!... My bet is that it will stay in the NE, with Labour in power, or be gone after the next election if the blue boys win.

OH and David J I type this at a coffee shop at Genf train station... not at an airport!

[David Johnson]

"I agree with Lizard I think its a job "keeping"scheme for the north east..."

Since when did a Tory government care a flying fart about the North East? They decimated it under Thatcher and it's been the hardest hit region in England under this government.

My understanding is that the "good bank" was making a profit so there was no need to get rid of it sharpish or to embark on largescale redundancy under the governiment auspices. Obviously by holding onto it for longer they had the chance of recouping more of the outlay.

"OH and David J I type this at a coffee shop at Genf train station... not at an airport!"

Wot, you are having to WAIT for a Swiss train?????? Things have gone sadly downhill since I travelled seamlessly from Basel to the Jungfrau.

You haven't got Richard Branson running some of the trains over there have you? Heaven forbid!

Cheers
D