Court case latest

[Cyberman]

But the judge will take the government side, and then by an amazing and completely unrelated and in no way shady co-incidence will get a new years honour, and a promotion.

He may well do because judges are very close to HMG, as we have seen in many cases, and of course, they got exempted from IR35. The next step after that is the ECOHR where the judges are far removed from HMG and a much fairer and more lucrative outcome can be expected.

[OwlHoot]

Hopefully this will be the one.

Or do we need an "official cuk northern rock" thread?

BTW I do wish cyberman all the best in this case : even though he does keep banging on about it......

WHS

Northern Wreck has become insufferably boring, but Cyberman does have a point about airing the failures and lies of HMG.

[minestrone]

I admit that I picked up a fair bit of NR shares when they were very low hoping that they would pick up. I took the risk and lost.

However I hope the goverment get screwed over this and I get me monies back.

[BrilloPad]

He may well do because judges are very close to HMG, as we have seen in many cases, and of course, they got exempted from IR35. The next step after that is the ECOHR where the judges are far removed from HMG and a much fairer and more lucrative outcome can be expected.

Is HMG bound by decision of ECOHR? IMO it should be!

[Cyberman]

Is HMG bound by decision of ECOHR? IMO it should be!

Yes indeed !! HMG have already lost a fair number of cases. One that immediately springs to mind is equal pay for women which is costing councils a fortune in backdated pay.

[tim123]

I'm interested. Makes my blood boil. A bit, anyway. So did Railtrack. And I'm not a shareholder of either.

But Railtrack WAS different.

RT was an invention of government and it's funding was entirely controlled by Government.

It was quite possible for Government to fiddle with that funding to create a situation where Railtrack was bound to fail.

Northern Rock got into a mess entirely on its own.

With hindsight, taking NR into government ownership was the wrong move, they should have just let it fail!!!!!

tim

[Cyberman]

But Railtrack WAS different.

RT was an invention of government and it's funding was entirely controlled by Government.

It was quite possible for Government to fiddle with that funding to create a situation where Railtrack was bound to fail.

Northern Rock got into a mess entirely on its own.

With hindsight, taking NR into government ownership was the wrong move, they should have just let it fail!!!!!

tim

You obviously do not know what you are talking about.

Northern Rock could not borrow money because the moneymarkets dried up. Every other bank since has had the same problems, so to say that the Rock caused its own problems is just ignorance on your part.
Also, HMG lent the Rock Billions(much of it due to a run inflicted by HMG) and the Rock was paying penal interest on that loan. HMG then threatened to withdraw that loan, which in effect is very similar to the Railtrack scenario.
The Rock has since repaid about half of the loan in under a year, which just goes to prove that it had valuable assets at the time of nationalisation which HMG is attempting to thieve.

[tim123]

You obviously do not know what you are talking about.

I think I do.

Northern Rock could not borrow money because the moneymarkets dried up.

Yeah and why should a Bank NEED to borrow money from the money markets?

The CORRECT way to run a bank is to lend the money that you have available, for the time that you have it available, and no more.

If you have a business model that means you need to go to the money markets to RE-NEW part of your lending funds each month and you can't do that because the money market changes their rules, then you are stuffed.

If you go under because of this, then you have created your own problem IMHO.

Every other bank since has had the same problems, so to say that the Rock caused its own problems is just ignorance on your part.

Not true. No other bank relied upon renewing their loan funds each month. They only needed market funds for new loans.

NR's problem was that it needed the money TODAY and was up tulip street if it didn't get that money.

The other Banks could wait and were brought down by market sentiment thinking (probably correctly) that a larger percentage of loans than expected, would go bad.

Also, HMG lent the Rock Billions(much of it due to a run inflicted by HMG) and the Rock was paying penal interest on that loan. HMG then threatened to withdraw that loan,

Had the BoE not put that loan in place, NR would have gone bust. ISTM that it is reasonable for the BoE to review the sensibility of that lending as market conditions change. It is, after all, someone elses (AKA, MY) money that the BoE is risking.

which in effect is very similar to the Railtrack scenario.
The Rock has since repaid about half of the loan in under a year, which just goes to prove that it had valuable assets at the time of nationalisation which HMG is attempting to thieve.

[Cyberman]

Tim123..... all banks borrow from the money markets. If they did not the economy would grind to a halt as it is currently doing.

[ASB]

Yes indeed !! HMG have already lost a fair number of cases. One that immediately springs to mind is equal pay for women which is costing councils a fortune in backdated pay.

Decisons by the ECHR are NOT enforceable. It's a question of sovereignty. The ECHR cannot force any change in the law of a member state.

Though should a member state choose not to enforce a decision or change domestic law to be compatible it would lead to a very interesting constitutional crisis.