"“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

Tuesday, October 09, 2007

Northern Wreck - Is this an offer too good to be true ?

If you go to the Northern Wreck website this is what you will find.

In a total U turn, volte face, the Treasury have told the BOE to guarantee "all accounts, regardless of amount deposited" even to new customers.

Unsurprisingly the shares have leapt 20% as Citigroup have agreed to lend up to £10 Bn against the mortgage book as the BOE have also agreed to make their loans on the basis of "other assets".

Such is the desperation to get this damned company off onto someone else's hands and fuck the taxpayer.

Come one and all lend money to Northern Wreck at a rate well in excess of Government stocks and guaranteed by the tax-payer.

Is it not possible that other deposit takers in the market might take a view on such an arrangement - which seems like rigging the market.
Fucking unbelievable.
Ayervedic massage essential.

1 comment:

Stef said...

Everyone at Northern Rock continues to work hard to ensure our customers enjoy a high standard of service and we thank you for your confidence in us.

presumably Northern Rock's CEO is planning to pursue a second career in the stand-up comedy circuit after he stops being Northern Rock's CEO

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