Chancellor of the Exchequer is a fucking liar
17 September 2007 approx 6.00pm BST
Statement by the Chancellor of the Exchequer on financial markets
http://www.hm-treasury.gov.uk/newsroom_and_speeches/press/2007/press_95_07.cfm
This is part of the Statement that relates to Northern Rock
Careful examination shows that it is not what it seems - note "should it be necessary"- "would put in place arrangements " - "would guarantee "
In relation to Britain and Northern Rock, the Financial Services Authority has repeated again over the weekend and today that Northern Rock is solvent and with a sound long term loan book, but has had short term liquidity difficulties. The support I authorised the Bank of England to offer Northern Rock last week is designed to overcome these short-term difficulties, and to enable it to do its business in the normal way.
As I have said on many occasions over the past few days, people are able to get their money out if that is what they want to do.
I want to put the matter beyond doubt. (Ho.Ho.Ho.) In the current market circumstances, and because of the importance I place on maintaining a stable banking system and public confidence in it, I can announce today that following discussions with the Governor and the Chairman of the FSA, should it be necessary, we, with the Bank of England, would put in place arrangements that would guarantee all the existing deposits in Northern Rock during the current instability in the financial markets.
Weasel words .... anybody who leaves their money in NR must be brain dead.
Again we get the empty and pointless and deliberately misleading claim ..."the Financial Services Authority has repeated again over the weekend and today that Northern Rock is solvent ". It is not the role in life, nor their job to determine solvency, of course anyone may take a view but it is worthless. Only the Directors can take a view - if they trade whilst insolvent they risk heavy penalties and can be disqualified.
If the CEO said they were sovent he can be prosecuted - if the Chancellor , the Pope, etc., says that it has no meaning or worth to anyone.
Lying fucking politicians.

