"“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

Monday, November 19, 2007

Northern Rock CEO sold out on his company before it hit the Rocks.

Vincent Cable the Lib Dem temporary leader said on BBC4 "Today" at 7.15 am that Mr Adam Applegarth the (now EX (ish)) CEO of Northern Wreck that he unloaded his NR shares at the top of the market.

Sam provides (Thanks Sam) a link to Thursday's Guradian which details Applegarth's car of choice is an Aston Martin whilst his wife prefers a Ferrari (natch). The banking Union , Unite, has identified sales by the criminal CEO of MR share sales in 2006 and 2007. On one day last year, Applegarth sold 111,426 shares for £1.06m and in January he sold a further 135,963 shares for £1.62m at near their peak price of £11.98. Northern Rock shares have since slumped to a low of nearly £1; yesterday they closed at 133 and have been trading this morning at 100p.

It would be of interest to know who was bailing out between the period end June 30th (price 850p) and the weekend of August 4/5 the (750p) when it was known by the Board that funding of up to £30 Bn was required from BOE.

Vince also called (again) for nationalisation - the only commentator who has consistently talked sense since all this erupted.

Meanwhile Darling is now re-defining throwing money down a black hole as "restructuring aid" and is preparing to make a Statement to the HOC some time this week.


sam_m said...

Dunno how much Applegarth detail you want but it was in last week's Grauniad.

sam_m said...

Thx 4 the acknowledgment, most gracious of you. It's good to know M'Lord Patel has his nose above the ermine bedspread and is monitoring the radio at that hour.
Re. your later post £30 - £40 billion in the hole, to put a perspective on it, the Defence Budget is about £30 billion plus another £3 billion out of Uncle Sam's back pocket for spending money in Iraq.

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