"“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

Friday, November 30, 2007

Northern Wreck - Amazing pictures

Northern Wreck (5th largest Mortgage dealer in the UK) have borrowed another £2.7 billion from the Bank of England last week – taking the total loaned since its crisis began in September to £29.8 billion.

Figures published by the London Stock Exchange that the Rock’s directors made more than £6.5m from share sales since January last year.

Chief executive Adam Applegarth made £2.7m and invested £5,989 from January 2006 to the present day.

His deputy, David Baker, made £1.9m and invested £50,032.

Financial Director (and on sick leave) Keith Currie sold £1.1m and bought £2,992 .

Andy Kuipers sold £742,520 and invested £116,492.

Vince Cable, acting leader of the Liberal Democrats said: “We are in desperate territory here as the amount of money being loaned to Northern Rock is increasing rather than decreasing."

“With the total now close to £30 billion, the taxpayer cannot be expected to continue to dole out such vast sums of money on a weekly basis – especially as much of it appears to be unsecured and may end up going down a plughole. The Government must seriously look at nationalising the bank and ensuring taxpayers’ money is secured.”

Meanwhile staff have been told of a Christmas bonus - a one-off payment of £200, plus up to 2% of their salary, depending on their attendance record.

Northern Rock PLC announced last night that Laurence Philip Adams has been approved by the FSA and has been appointed as a director of the company.

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