"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Thursday, September 20, 2007

Mervyn Milobender gets his speech ready for Treasury Committee on the Northern Wreck

At 9.40 shares in the Egyptian cotton speculating industry are quoted at 201/202 (down 22%on the day...so far) and have been as low as 176 - which is good news because it provides a yield of 49%.

Perhaps Mervyn has gone off for a "haircut" before his performance in Westmintsre and has not been able to ..."monitor all the time and regularly whether or not there are risks to the stability of the financial system as a whole " (Press Conference Sept 8th concerning his appearance today.)

11.30 and Egyptian cotton speculating industry shares have rallied slightly.


Stef said...

Given that the government has confirmed that new deposits with Northern Rock are not covered by its (our) generous guarantee and that Northern Rock hasn't got any money to make new loans, you've got to wonder how anyone has the cheek to pretend that it's a going concern suitable for trading on the stock market

Yossarian would have been impressed

Shutter said...

The point does arise .. if the BOE has to take the mortgages as collateral, when Northern Wreck finally fails ... will they become Council Houses ?

Anonymous said...

If the guarantees were genuine they would've allowed people to take their choses in action against Northern Rock to the local post office and withdraw from there if they wanted.

(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish