FSA will suspend dealing in Northern Rock shares before trading starts Monday
UPDATE 8.30 Monday 17th - this is both crazy and criminal - Darling was on "Today" program cool as a cucumber - we are monitoring the situation..... the following was a the sceanario which could have recovered the situtation. The situation will be resolved but NOT recovered.
The shareholders are totally fucked and those with term depsotits face a very uncertain future - it is entirely possible that the contagion will spread today to A&L, B&B, and Barclays.
9 o'clock - Probably judging by the laid back if not comatose Adam Applegarth the Directors haven't arrived at the office yet. They should immediately declare themsleves insolvent and the FSA suspend the share price.
Then flog the lot off. Evidently it is so poisonous as the majors have turned their nose up - and one feels they would do so at any price. Too many of those 125% loans on 6 times salary etc.,
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Followed by Directors calling in Administrators at mid-day.
BOE will pick up (ie taxpayer) costs of this total fuck up as NR is dismembered and flogged off.
Then the hunt will be on for the next stock to short ... B&B, A&L, Paragon ? and dare we suggest Barclays ?
If Mervyn WanKing hadn't organised it so well most observers would have thought such an epic fuck up was not possible.
Community Support officers will be out in force beating off the Grey Panthers.
Perhaps the role of Sir John Geive (ex Home Office supremo in the great reign of the none eyed King and goat)as 2IC to WanKIng will bear a little more examination in this matter before al the dust settles.
2 comments:
Idiot MP for Tyneside's advice to his worried consitituent investors this lunchtime: buy shares, they're quite low at the moment.
There's an amusing quote from BBC Business Editor Robert Peston here...
http://tinyurl.com/2vtwam
"Mortgage banks and building societies such as Alliance & Leicester and Bradford & Bingley, as well as the bigger banks, have seen much of the money withdrawn from Northern Rock"
Now why would Mr Peston single out A&L and B&B, out of all the players on the field, as being destinations for savers fleeing Northern Rock - an implied endorsement of those two banks?
It's only subliminal if you don't notice
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