"“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, January 15, 2008

Northern Wreck ...... Counting the cost of criminal greed and masterly inactivity blended with ignorance and incompetence

The Daily Telegraph wax lyrically about the heady days when ..." A decade ago the largest in-door venue (Newcastle's Metro Radio Arena ) in the North East was chosen by Northern Rock to host a meeting to vote on converting from a building society owned by its members into a commercial bank. "

Today the Directors they say will ".... will face thousands of angry shareholders, many of whom have held their shares since demutualisation ", greedy, short sighted people, who believing in free lunches, cast aside their share in a prosperous well founded mutual fund for pieces of paper....now proven to be worthless.

Why should anyone have the slightest sympathy for them ?

... and as for the bottom feeding shits and shysters on the hedge funds who have precipitated this futile meeting ... contempt is a mild expression... let us hope they lose their fucking shirts. (The crooks who run them won't of course .. just their "investors")

Vince Cable (who was excellent on Newsnight tonight) for Chairman / CEO of the nationalised vehicle .. aided perhaps by Lord Patel as Finance Director and Toni Fabuloso running (around) the "Buy to Let" department ?

As the debt to tax payers climbs to £56 (and the rest) the impact on the ability of the Government to fund it's programs becomes increasingly preoblematical.

Prudence, my arse.

PS : Apropos J P Morgan taking on Tony Blair and paying him anything between US$500K and US$5 Mn and considering they reported their first loss ever in over 70 years trading last quarter and their shares dropped fell 5 percent during the fourth quarter, led someone to remark it must be the first case of a rat joining a sinking ship.

1 comment:

Stef said...

From today's ever-excellent Daily Mash


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