Reply to: Northern Rock

[Cyberman]

A nice read

http://www.uksa.org.uk/NorthernRock.htm

[Cyberman]

I haven't lost any money through NR, but I can still see the BrownDarling collective are a bunch of devious shysters and I wouldn't put stealing a few banks from their shareholders beyond them.

GB's thought process (maybe )

Hmmm, where does all our GDP come from now we've no manufacturing base?
The city - ching!
How can I get my hands on all that filthy lucre?
Nationalisation? Yes, but they are too expensive...
I know, I'll run them down to almost nothing, then buy them - SORTED!.

Agreed!! ... and all with the help of a few well-timed leaks from HM Treasury to Robert Peston. This action in itself is illegal, and I am sure that HMG could be proved to be involved in insider trading.

[sasguru]

I bought HBOS shares on the dip and sold on the rise one day a couple of weeks ago making a small profit.
I am mortgage free having sold my properties late 2006.
Please let me know when you guys are in difficulties - I'll make you a "fair" offer

HTH

[Moscow Mule]

I haven't lost any money through NR, but I can still see the BrownDarling collective are a bunch of devious shysters and I wouldn't put stealing a few banks from their shareholders beyond them.

GB's thought process (maybe )

Hmmm, where does all our GDP come from now we've no manufacturing base?
The city - ching!
How can I get my hands on all that filthy lucre?
Nationalisation? Yes, but they are too expensive...
I know, I'll run them down to almost nothing, then buy them - SORTED!.

[Cyberman]

And yours, sasturd?

Sasturd bought HBOS shares at approx. 1.70...... they are now 80p approx.

Stones....glass..... throw.....houses

[Bob Dalek]

Ah diddums lost money in the Rock. And he's too naive to see that the court case will not go his way. Also he owns a property which is rapidly devaluing.
Not very bright is our CyberCretin.

And yours, sasturd?

[sasguru]

Ah diddums lost money in the Rock. And he's too naive to see that the court case will not go his way. Also he owns a property which is rapidly devaluing.
Not very bright is our CyberCretin.

[Cyberman]

You just contracdicted yourself. How can the above success of the nationalised northern rock be a reason for not nationalising it?

The Rock was nationalised because HMG maintained that it was bust... it clearly was only a liquidity problem..... assets far exceed liabilities. This is evidence that the reasons for nationalisation were lies.
The Rock was paying penal interest on the loans it had from the BofE and was making a profit. Brown and Darling saw that if Branson or anybody else in the private sector took over, they, and not HMG, were going to make a fortune as the SP was a bombed out 90p.
HMG wanted to stealth tax the Rocks shareholders to fill their black hole(AND THEY STATE THIS: 'all profits should go to the taxpayer') and thus nationalised. This was THEFT from shareholders and will be proven in the courts starting in January.
HMG are offering ZERO to shareholders.

[Bagpuss]

.... and the debt is now only 11.5 Billion, down BY 15.4 Billion in January, which is further proof that this is only a liquidity problem, and that the Rock should not have been nationalised. At this rate, the Rock will owe nothing by the end of next year.




http://www.citywire.co.uk/personal/-...=3953&ea=37608

You just contracdicted yourself. How can the above success of the nationalised northern rock be a reason for not nationalising it?

[Cyberman]

.... and the debt is now only 11.5 Billion, down BY 15.4 Billion in January, which is further proof that this is only a liquidity problem, and that the Rock should not have been nationalised. At this rate, the Rock will owe nothing by the end of next year.



http://www.citywire.co.uk/personal/-...=3953&ea=37608

[BrilloPad]

Assets including 125% mortgages in a falling housing market

They will recover - eventually.

The issue is - can the debt be serviced? And, even if it can be, will people just hand in the keys and walk away?

[Cyberman]

I may have missed it, how much did you lose speculating on Northern Rock shares CyberTroll?

Lost nothing yet!! The court cases start in January.


http://www.uksa.org.uk/NorthernRock.htm

[TykeMerc]

I may have missed it, how much did you lose speculating on Northern Rock shares CyberTroll?

[Cyberman]

Basically, 14 Billion was wiped off deposits by HMG incompetence. Of course capital ratios were affected. That amount is what the Rock now owes the BofE. Says it all really!!

Thanks Gordon & Alastair !!

[Bagpuss]

Assets including 125% mortgages in a falling housing market

Hmm, Interesting reading on the Rock's demise..


there remain a number of
areas of concern. Most significantly, the deterioration in the housing market and the broader economic
environment, coupled with the evident stresses on household budgets as a result of rising food and fuel prices,
have put pressure on the Company’s loan books. Residential arrears over 3 months have more than doubled
since the start of the year to 1.18% at the end of June, and the higher LTV end of the book is particularly
exposed to housing market deterioration.

Whilst this increase is partly attributable to the Company tightening
the application of its arrears capitalisation policy and the shrinking of the mortgage book, the underlying trend
is all too evident. The impact is also being felt on possessions. The number of properties in possession grew
from 2,215 at the start of the year to 3,710 by the end of June.
As indicated in the Plan, the Company was expected to make a substantial loss in 2008. Actual performance in
the first six months of 2008 shows a statutory loss before tax of £585.4 million.