"“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

Thursday, February 12, 2009

Is Lord Stevenson of Coddenham due to retire ? Expire ? Will Applegarth be asked to give MP's a lesson in offloading NR shares at market top ?

At his modest grilling and ritualistic half strangled apology for an apology on Wednesday by the doozies on HOC Treasury Committee the evidently flailing , and failing Lord Stevenson of Coddenham, 64 ("very close" friend of Lord Mandlebum although mybe body fluids remain unexchanged)ws asked about HBOS's response to accusations that it wasn't taking risk seriously, Lord Stevenson replied:

'Carefully arranged risk management systems, developed over the years with our regulator, did not spot scenarios coming up that have come up.'

(Now exposed by the sacked and legally gagged Risk Manager s having been resented, resisted and even ignored by Directors)

Well perhaps we could ask them to have a friendly fireside chat with Adam "Shagger" Applegarth (I cheat on my wife so fuck the shareholders who stupidly put their trust in ME)

Old Adam knew a thing or two in late 2006 .. and acted accordingly ... for his personal benefit

Adam Applegarth sold shares in Northern Rock in 2006 - he sold 111,426 shares for £1.06m. In January 2007. He sold his remaining 135,963 shares for £1.62m at near their peak price of £11.98 EACH . By August they were worthless. His 2007 payments from NR as an employee were £1.3m : half as a basic salary and half in bonuses.

At the time the Bank was expanding domestic residential mortgages, buy to let , and increased the interim dividend by 33%. (Which was never paid as they were insolvent)

Applegrth was also shagging his mistress from the Buy to Let department of NR (she also had £1 Mn of residential domestic mortgages to juggle with and drw a handsome rent on flash Newcastle Quayside properties)

An Apology to Lord Stevenson (Daily Mail ) Article 24th October 2007

"Captain of industry reveals how he suffers from clinical depression but carries on working 24th October 2007 This is how the story about how the man at head of HBOS, with no bnking qualifications exposed his problems ....(getting his defence in early ?...unfit to plead yer 'onnor)

One of Britain's captains of industry has spoken for the first time of his 'hellish' battle with clinical depression....

He continued to work throughout the illness, succeeding at his job but deriving no pleasure from it...

He has been free of depression for five years (Ed. since 2003 - see today's news re Gordon Brown at HOC - FSA warned HBOS in 2002 it was taking too many risks - remember Howard Davies resigned after 1 yer at FSA Dec 2002 see footnote)) and controls further attacks through a combination of anti-depressants and cognitive behavioural therapy.

Let us sincerely pray for the return to perfect health of Lord Stevenson of Coddenham and that he has no need to unexpectedly resign / retire / suicide / be murdered / run over / have an accident with a shotgun / fall off cliff / go for lonely country walk

Ditto His Ex CEO Sir James Crosby

See also Sunday, August 10, 2008 - Northern Wreck's criminal CEO's pay to let you run your fingers through my hair old baldy shag bag's £1 Mn property empire and lucky young son's luck

FOOTNOTE BBC report on Sir Howard Davies resignation 12/12/02 the late lamented Consumers Association (and heavy smoker) Ms Shiela McKechnie told BBC News Online that someone be appointed that would protect the consumer first and foremost.

"The FSA needs someone from the outside to clean up the financial services industry, consumers are leaving in droves and confidence is at a low ebb."

"It's an earthquake," said Redmayne Bentley Stockbrokers director Richard Grossman. "Davies has been a voice of reason and proportionality in circumstances that haven't always been easy," said James Perry, a partner at law firm Ashurst Morris.

Sheila McKechnie, told BBC News Online in the immediate aftermath of the announcement.

"It is not a good time to change the person at the top. Sir Howard had the right attitude I see his resignation as a failure of the FSA not the individual."


Anonymous said...

“Former Northern Rock shareholders have lost their legal challenge to the government’s plan to compensate them”…


Anonymous said...

"The hospitality enjoyed by top civil servants - including meals, trips to the opera, tennis and cricket matches - has been revealed for the first time"

"The most prolific entertainers included oil giants such as Shell and BP, financial and advisory firm KPMG, and banks such Morgan Stanley, Goldman Sachs and Deutsche. Newspapers and the BBC also featured heavily in the 90-page list."

"Failed banks HBOS and Royal Bank of Scotland found the money to host key Whitehall figures, as the government prepared to bail them out with billions of pounds in public funds."

"RBS took Gordon Brown's top foreign policy adviser, Sir Nigel Sheinwald - now ambassador to the US - to lunch last January. In February they dined Home Office permanent secretary David Normington, and in May stood lunch for Foreign Office mandarin Sir Peter Ricketts."...


ziz said...

“Former Northern Rock shareholders have lost their legal challenge to the government’s plan to compensate them”…

Unlike Lord Stevenson they are appealing but the lwyers are lways hppy to earn n honst bob from desperate litigants ....

Lord Patel's croupiers are happy to accept any bets that mad punters may wish to place in them ever seeing any dosh for their shares.

They might like to stroll down to Shagger Applegarth's cricket club and deploy the odd stump or bat ina an uncricket like fashion - satisfaction not guranteed but a well aimed blow might curtail his activities with the buy to let personnel - although Mrs A may well have attendedto those surgical requirements already with her 5" red patent Manolo Blahnik's .

Lord P has gambolled and gambled in what Marold Macmillan called "that squalid casino at the end of Threadneedle Street" mde afew bobs, lost a few - just never forget the denizens are without exception crooks, rogues, vagabonds and ne'er do wells however well crusted their title or ermined their robes

No sympathy in these quarters for the shareholders - especially the greedy and stupid who thought that free lunches were being handed out.

Play with the big boys..... .get hurt.

Col Blimp said...

All v.well. Lord Patel, Lord Stockton, born silver spoon, landed estates.

Others borne hardship. Nose grindstone, lifelong work, nestegg pension, annuity retirement. Independence.

Not sup devil. Safe as houses.

Now nothing.

Not ask sympathy. Restitution.

Anonymous said...

"Not ask sympathy. Restitution."

Col Blimp

You won`t get any "sympathy" you will get "Restitution" though along with the rest of us...here...


ziz said...

Dear Blimp : WE have een here before - do you recall the seductive dusky ex Merchant Banker (Wrburgs ?) Shriti Vadera (now the ennobled Baroness- and still unelected ,who holds Gordon's hand) and the railtrack shambles in which she coly and acidly observed some "grannies would lose their blouses".

That was a warning sign.Lloyds was 395p 1 year today now down again at 58.50 a minute ago - shareholdes have lost (incl the 43% pwned tax payer chunk )some 64% of their funds - which they will never see again ... and this after the injection of an eye watering £17 Bn.

emove the taxpayers £17MN and where has it all gone.

1 Fraudulent Balance sheets
2. Fraudulent pofits declared by corrupt Directors
3. Sleeping FSA
4. Monster bonuses and triples all ruond now shifted well offshore somewheres East of Suez no doubt
5. The HNG happy to take the tax on non existent profits (30% of Copr tax revenues at its height) and squirt it away on social engineering , social enterprises, social abortions and the terneal war on terror.
6. Nearly 4 years ago L Patel entrusted and advised readers to flee to the Facsit run Spanish Bank Santander which . so far so good
7. As funder of Forthcoming UK Energy deficit (FCUKED) have plaayed the energy market and have modest income from essential utility called electricity... which will soon be owned 100% by German / French / Danish Sate or quasi state enterprises.

Hope that helps

Anonymous said...



Anonymous said...

17 Feb 2009

"RBS hauled before the courts for "ineptitude" by Ian Hamilton QC"...


Anonymous said...

"British GDP Has Already Collapsed by 30%"

"British GDP (AMBI) at the end of 2008 is estimated at £1.275 trillion, against £1.267 trillion at the end of 2007. However sterling has collapsed against major global currencies by 30% or more, which translates into a real terms collapse in the countries GDP of 30%, i.e. 2007 GDP of $2.7 trillion has now fallen to $1.8 trillion a collapse in GDP of over 30%. The Government, Bank of England and FSA are failing in their primary duty which is to preserve the purchasing power of the currency."

"The Labour government has destroyed the purchasing power of the British Pound by 30% so as to save on 1% or 2% on the actual officially published GDP data during 2009. That's a price of 30% for a net benefit of at most 1.5% which will still not prevent a deep recession from occurring. Quantative Easing is madness personified which for several months had been supported by the mainstream press which my November article illustrated -Bankrupt Britain Trending Towards Hyper-Inflation? , which sacrifices long-term growth for possible short-term benefit"

"Therefore whatever is the conclusion of this analysis in terms of sterling GDP contraction during 2009, what readers need to remember is that the real purchasing power of Britain's currency loss of 30% means that the countries GDP has already been sacrificed in lieu of hoodwinking the electorate into believing that things are not as bad as they actually are"...


Anonymous said...

“GEAB N°32 is available! 4th quarter 2009 – Beginning of Phase 5 of the global systemic crisis: phase of global geopolitical dislocation - Public announcement GEAB N°32 (February 16, 2009) - “…


ziz said...

Remember of course despite what shit for brains ecomists would have us believe such figues are shots very much in the dark and do not relate to one point in time.

Delays cut in (and snow / floods / half termetc,) and the effects- especially of Gubment expenditure cuts is sidestepped etc.,

The effects on Local Gubment spending - 75% of which is HMG will take a few more months to come through.

Hence frenzied attempts to spend money now - our local Sure Start is desperate to get a commitment. Planning permissions are being rushed through and then "consultation" happens.

Leeds MBC have just announced job cuts , they will come thickand fast soon ,especially amongst
1. Low paid
2. Contract - short term staff
3. Anyone spending not raising revenues.

That is only public costs - impacts on industry / commerce are fast arrivig as business revenues slow.

30% GDP reduction is believable and liveable with - say the style of the early 1960's.

sam_m said...

"....the style of the early 1960's"

You've never had it so good.

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