"“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, December 07, 2007

Northern Rock - Action NOW is vital

Chris Flowers has walked away from Northern Rock without making a bid.

The continuing ( and irreplaceable) loss of depositors plus the conditions in the credit market is, many experienced financiers now see iy is now impossible (if it ever was) to make a commercially viable rescue plan work for Northern Rock.

Flowers had one of the strongest bids , the reputation and a commitment to repay £15bn to the Bank of England upfront, and the rest over three years.

Further delays will make any outcome even more problematic - the Virgin deal is simply hot air - dependent entirely on the major banks providing funds - which it appears will be on terms unacceptable to Branson.

The Gubment must get their nascent nationalisation legislation published without delay.

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