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The government are attracting a fair bit of flak over this from the press, what else could they have done? Surely it is the banks fault that they got into trouble in the first place and they should be taking the blame? If the government hadn’t intervened in August to guarantee the banks liabilities then all the customers would have been out of pocket and it could have had a knock on effect for the whole banking sector.
Selling the bank to a private concern would mean they could keep all the profits if there were any without taking on any of the risk leaving Joe Public to pick up the tab if it all goes wrong.
As for the shareholders, the value of shares can go up as well as down, if they don’t understand this they shouldn’t have bought shares, why should the rest of the taxpayers who don’t decide to gamble their money on a company’s fortunes compensate them?
It’s been reported that this is a return to the old Labour of the 70’s but Goldman Sachs are hardly Bolsheviks are they? If an investment are prepared to concede that nationalisation is the best thing to do then they should be listened to, shouldn’t they?I’m genuinely at a loss with this one, can someone enlighten me?
The biggest hats off in all this goes to the liberal democrats for asking for nationaliztion…
Oooh! Did we do right for once?
gc
Jeremy Grayson. Son of immigrant. Adoptive father of two. Metadata librarian. Freelance point-to-point / horse racing writer, analyst and commentator wonk. Loves music, buses, cats, the BBC Micro, ale. Advocate of CBT, PACE and therapeutic parenting. Aspergers.
Did I tell you I think we should legalise cannabis GC?
No, but you did tell it to that unicorn you and Elvis brought into the chatroom last night.
gc
Jeremy Grayson. Son of immigrant. Adoptive father of two. Metadata librarian. Freelance point-to-point / horse racing writer, analyst and commentator wonk. Loves music, buses, cats, the BBC Micro, ale. Advocate of CBT, PACE and therapeutic parenting. Aspergers.
Would Brown have used taxpayers money to save say, Cheltenham & Gloucester Building Society?
I don’t know, perhaps he would have done.
But, why should the taxpayer pick up the tab for any failed capitalist business ?
If you ran a local pet food store, or a bakers, or building firm,or a bicycle repair shop, or a fishmongers, or sex-toy store and you were facing bankruptcy, why the f’ec+ should you expect the state to help you out.?If you ran a local pet food store, or a bakers, or building firm,or a bicycle repair shop, or a fishmongers, or sex-toy store and you were facing bankruptcy, why the f’ec+ should you expect the state to help you out.?
Maybe if the collapse of said Sex-toy store, situated in a country hugely dependant on production and consumption of chocolate dildos, anal beads and gimp masks, at a time of uncertain and volatile sexual activity would cause a massive collapse and dip in confidence within the whole industry and society in general. Maybe then, you might expect state help.
However you’d probably then expect a massive outcry on the waste of taxpayers money, whilst when night time arrives plenty of strap-on action, fisting and general orafice probing would continue unabated.
The banking system ensures profits are privatised and losses socialised. This is only the start, the major highstreet banks release results over the next few weeks, then the true extent of their greed, carelessness and incompetence will become apparent.
A recession looms.
Marb…you clearly haven’t got savings with the Northern Rock ? Have you stopped to consider that the government’s intervention is effectively protecting peoples’ life savings.
Are the government propping up Northern Rock the ex-plc or are they propping up the people who they have been elected to serve ?
‘Let it sink’ indeed.
Have you stopped to consider that the government’s intervention is effectively protecting peoples’ life savings.
If you want your savings protected by the government, put them in gilts.
If you choose to ignore that option and place them with a private company, then accept that that leaves you with only limited protection.
And… if you’re not willing to properly protect your savings, why should anyone else do it for you?
Steve
The former Chief Executive of Northern Rock is to pick up a £750,000 bonus payment for his tenure at the failed bank. This bonus is in addition to his 2.2 million pension pot.
What a cheeky ****!
You see if we don’t pay such high wages, these talented people will go elsewhere and we will all be the poorer for it.
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