"“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

Saturday, September 27, 2008

Bradford & Bingley RIP

So Farewell then B&B but worry not those out there who have failed to heed our advice to remove your deposits that nice Mr Peston at the BBC says you shouldn't "get the willies" (?)

We quote ..."There's too much at stake (including the stability of our banking system) for the government to allow B&B savers to lose a penny ...."

Should you subsequently disciover it takes you longer to get your hard earned from the ever benevolent state that the rapidly closing depositors windows at B&B don't apply to us but to Mr Peston c/o the BBC. London.

It will be interesting to see how much Mr Pym , ex A & L the briefly appointed CEO, at £2.5 Mn a year manages to take away in his wheelbarrow before the door finally shuts...... Monday, August 18, 2008 Richard Pym ex A&L skips to B&B and increases salary/ benefits x 2.5

11 comments:

Stef said...

am currently working on a catchy name for the merged B&B and Northern Rock nationalised entity

Bradnor and Bingrock?

Northly and Rockley?

etc etc

Stef said...

still, it's good to see that ban on 'shorting' financial stocks has proven to be so effective

Anonymous said...

Where is this money coming from that is used to 'bail out' these banking institutions? If the BoE provide liquidity to the market as a whole or, in this case, to B&B, to shore up a run on depositers withdrawing their savings, how does that affect Joe Taxpayer?

I can't work it out, but I have the feeling that tings are gonna get much much worse for Joe & Josephine Taxpayer...

Anonymous said...

Can anyone make sense of this pack o' lies?

ziz said...

Anon 5.29

Perhaps not a pack of lies but a monstrous self delusion.

WE particularly note (and would suggest wider diossemination...


10: Appointment of Steven Crawshaw as Group Chief Executive in March 2004
* announcement of strategic review in May 2004
*successful execution of strategic change agenda

which with hindsoight suggest that the master architiect Mr Crawshaw who reired hurt well at least v. poorly recently is responsioble for eht ebag of shite Mr Darling has so obligingly bought on our joint and several behalfs.

14 : Rental income must exceed 130% of monthly mortgage interest payment


17 : How big is the market:
growing market (c. 6% of all balances) - B&B self-cert has grown 90% pa over last 3 years
estimated market size ranges from £20 - 30bn new loans per annum

32 For clarity !!

33 : Aire Valley structure uses established UK mortgage master trust technology - which does't mean it holds water as it is and has not been tested in any court in any land ...and probably never will.

43 : BBG plays in “true self-cert” market
* well established market
* not an excuse for abbreviated underwriting
* BBG takes conservative approach with rigorous underwriting
Market exists to serve customers who don’t fit standard underwriting process
*higher margin compensates for higher risk and shorter lifetime

MR GREEDY RAISES HIS BIG FAT UGLY HEAD

We love the final tag line -

An attractive and rewarding niche

..."Of course this is a niche market for the discriminating investor" High Risk High reward old Boy "

Not to mention the commissiosns.

ziz said...

Stef...

Rock Bottom ?

Anonymous said...

A page of more delusions of the (hot) Aire Valley Mortgage type...

The latest B&B issue date of a securitization was 23rd July 2008.
here is the prospectus (all 358 pages of it).

Note on page 13:
Aire Valley Trustee Limited is a private limited company incorporated under the laws of Jersey, Channel Islands with registered number 88218. The entire issued share capital of the Mortgages Trustee is held beneficially on trust by the Jersey Share Trustee under the terms of a discretionary trust for the benefit of one or more charities or for charitable purposes.

Page 172:
Aire Valley Trustee Limited was incorporated in Jersey, Channel Islands on 29 July 2004 (registered number 88218) as a private limited company under the Companies (Jersey) Law 1991 (as amended). The authorised share capital of the Mortgages Trustee comprises two ordinary shares of £1 each. The issued share capital of the Mortgages Trustee comprises two ordinary shares of £1 each, all of which are held by Structured Finance Management Offshore Limited on trust under a charitable trust governed by Jersey law.

Why charitable trusts (particularly when none of the 'money' is given to any charities - ala NR/Granite/Downs Sysndrome)?

From this forum post,an explanation of the mechanism of 'charitable trusts':

This is fraud. It's falling apart. That means... "We'll SUE!!!"

Now when they get their day in court, they will find that all they can sue, in law, is the charitable trust!

They cannot sue the Bank because, in law, the bank is not responsible, and has "no commercial relationship with the transactions undertaken by the trust"!

This is the archetypical "straw man".
There is no way to get beyond the charitable trust and the Banks are home free!

Anonymous said...

Appears that Steven Crawshaw was chairman of the Council of Mortgage Lenders (CML)...

ziz said...

Anon 3.01

One wonders what ails Mr Crawshaw - Amnesia maybe ?

Anonymous said...

Hi everyone,

Be the first to see our latest video about B&B, bail-outs and the credit crunch:

http://uk.youtube.com/watch?v=kQdNLFVdwfQ

The comedy Credit Crunch Anthem starring Bush and Brown.

Sit back, relax and have a laugh at our predicament for a couple of minutes.

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Izzy said...

Could the author of the blog please call me to correct a factual error?

07738 028 502

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