Memory Jogger Posts for this afternoon N° 1

Sunday 17th February 2008

Northern Rock nationalised

According to John Redwood MP, quoted in today's press, this will increase British taxpayer commitments to 100 billion from 50 billion. Darling is still mid-way through his announcement from Downing Street - what a fiasco!!!! And why on a Sunday evening???

posted by Martin at 4:23 PM 0 comments

Comment 4/7/12 - Northern Rock, of course, was a favourite bank (former Building Society) very active in property loans of doubtful securrity, much used by Labour Party supporters!

Iceland's former Prime Minister on trial for negligence!

A precedent of considerable concern to many supposed democratic leaders and Commission officials across the EU is set today when Former Icelandic Prime Minister Geir Haarde goes on trial at a special court on charges of negligence in his handling of the 2008 financial crisis. The BBC News report on this trial is linked here.

As detailed blow by blow on this blog, the British Government's handling of the banking crisis, the full effects of which have been merely deferred rather than confronted; sometimes pale into insignificance when compared to the events within the eurozone, but what Brown and Darling accomplished nevertheless will eventually require their being brought to account!

Prima facie case of Criminal Negligence at HM Treasury

The National Audit Office report on the continuation of eight hundred million pounds worth of ridiculous loans after the nationalisation of Northern Rock, revealed by the National Audit Office, as reported this morning (The Times coverage from here) must surely trigger a criminal investigation.

Government's Bank raises mortgage interest rates

As the House of Commons debates their now accomplished destruction of the British economy, the first bank nationalised in the present crisis, Northern Rock, has chosen this afternoon to announce a hike in interest rates for new buyers. While politicians boast of falling rates the reality is the opposite, even from banks owned and controlled by these self-same politicians. Read the report in The Times from here.

Bank Deposits head across the Irish Sea

Sky News is reporting large movements of Bank Deposits across the Irish Sea where they will now enjoy a two year guarantee from the Irish Government (for all that may soon be worth). In the UK they also state that Northern Rock is receiving an influx of funds, as being owned by the UK Government it effectively has an open-ended tax payer guarantee. It is clearly worth reminding readers of exactly what this blog concluded on that topic over a year ago, on 16th September 2007 to be exact, link here: Ironically the Northern Rock might now possibly be the safest place for your savings at present, sitting as they are on an open-ended commitment from the British taxpayers via the Bank of England, how many more such promises can be made AND honoured? Ironies Too will continue to steer its readers away from these uncharted rocks as best it can, feeding "Brown", "Northern Rock" or "Credit crunch" in the blogs search bar will quickly show how far ahead of the curve we have been! The main point of the blog is to warn of the growing tyranny of the EU and our loss of democracy! We are equally correct on that point, please, please take note - totalitarianism profits from a world slump - remember the thirties and the end result!

Mortgage meltdown/Credit crunch

An interesting blog by an IFA is linked here, on which I found this: Historic Northen Rock e-mail I dug out an old e-mail from Northern Rock from July 2007 with this paragraph of interest. Our Fast Track Guarantee for cases up to 85% LTV we will guarantee not to request verification of your client's income, provided that they meet our criteria upon submitting their application (please refer to the Mortgage Update for full details). Now I wonder why they would guarantee not to check incomes?

Big morning for corruption

The Daily Telegraph, linked here, and BBC Radio 4 on the Today programme are after MEP with Chris Davies MEP on the latter calling for imprisonment for certain unnamed MEPs, listen from here about mid way through the clip but start earlier for the BBC coverage of the missing mortgages put by the BBC at 50 billion pounds. The Guardian, link here, reports that 40 billion of the Northern Rocks best assets will be left in a Jersey based private trust appropriately enough called Granite which is what Brown and Darling should by rights be soon breaking on Dartmoor.

Treasures from the Threads - Number Seven

On a Rachel Sylvester column titled, 'Alistair Darling won't walk the plank alone', comes this: 'Northern Rock Nationalisation and Barclays bank surprise increased dividend' - discuss: Has no one else noticed the connection between the Government buying Northern Rock with £110 billion of taxpayers' money and Barclays bank today doleing out upped dividends? Was it not Barclays, back end of last year, which was rumoured to be all but bankrupt? Where did it suddenly, in the space of a couple of months, get all that cash? Their balance sheet has suddenly swollen by a minimum of £10 billion. Is it not the case that Northern Rock has been used by the UK governmnent to channel taxpayers' money to the big banks? Does this not the raise the question, just who does the UK government work for? And for whose benefit are people taxed? Northern Rock raised approximately 60% of all its money from loans from banks, the rest from savers accounts with them. It went bust because it could no longer pay back the rising interest on these bank loans. All of a sudden the UK Government steps in with £25 billion of tax money. Who do you think that money went to, straight away? Why did Barclays, Citibank and others suddenly go from flat-out insolvent basket-cases to flush 'loadsamoney' entities in the same time frame as the Northern Rock debacle? Work it out peeps. You've been had - big time, to the tune of £25 billion, and that's just for starters! And please, don't blame Laurel and Hardy(Brown&Darling). These clowns are just doing as they're told by the moneychangers. They were told: "We're broke, give us taxpayers money to bail us out, but don't finger us. Find some vehicle(NRock) to hide the public money bailout of us major, private banks. And any heat from this, you take the rap - after all that's why we pay you clowns so much for sod all - to be our frontmen." You've been had peeps - the bankers who run your sorryass country have just had their massive losses socialized, i.e. paid off by you. But they kept all the good-time profits private right? Off-shore, away from the UK taxman, in the Caymans and so on. And this is just the beginning. The Rock still owes approximately 60% of £110 billion = £66 billion minus the £25 billion already paid, so around min. £40 billion plus interest at say 7% to the big private banks. This will be coughed up forthwith from the UK taxpayers again. Look out for more amazing, 'surprise' dividend hikes from the other big banks, all courtesy of the UK taxpayer! What a wonderful world it is - the average little-guy PAYE taxpayer, bailing out and subsidizing non-domicile, non UK taxpaying zillionaires. Oh, but wait, the UK taxpayer gets a bargain after all. For circa £70 billion doled out to the über-rich the taxpayer gets £110 billion worth of NRock mortgages. Bargain, right?At a conservative estimate of 10% drop in house prices year on year over the next 3-5 years, this £110 billion notional book-value, will after careful calculation of mine be worth precisely, wait for it, SQUAT. Nada, zilch, go whistle for it! BOY HAVE YOU BEEN HAD - to the tune of £110,000,000,000! Posted by pj kelly on February 19, 2008 12:26 PM

If EU can today midwife Kosova - what need the Lisbon Treaty?

The global super power the USA is pefectly entitled to support and enforce an independent Kosovo, and once the Republican front-runner for the November elections in that country (real elections let it be noted) backed that plan such a course probably became inevitable. Individual member states of the EU are similarly entitled to support such a course having considered their own future relations with Russia and the likely consequences for their own citizens involved in the mechanics. (It is noteworthy here that the onlyEuropean nation that I have so far heard is sending extra troops is Britain, whose battle weary soldiers are already reportedly overstretched from action in Basra and Afghanistan). But surely ahead of ratification of the EU Reform Treaty the EU does not yet really have the powers and authority to so involve itself? If indeed it does then I must question my own daily railings against the iniquitous Lisbon Treaty and its destruction of our Westminster and other Parliaments for that must almost certainly have already effectively come to pass. Has Parliament debated this troop deployment, the foreign relations implications and the EU's whole strategy in the Balkans? It seems certain that Britain's Prime Minister had other problems on his mind over this past weekend, the nationalisation of the failed bank Northern Rock certainly having come about as a result of his own incompetence in formulating a non-functioning regulatory system which throughout his term as Chancellor allowed this bank to operate a clearly flawed and highly dubious business plan, just as his own management of the British economy can now be seen for the con it truly was, as this blog so frequently reported.