Didn't they sell the plum assets off the loan book a few months back for a few billion?
"as and when market conditions improve the value of Northern Rock"
So that will be 2010 then?
http://lettersfromatory.wordpress.com
Unbelievably, I have just heard Darling tell John Humphries "now Ron will look at the books"!
Truly revolutionary business practices here, due diligence AFTER you've bought something costing about treble the defence budget!
Nah, it is actually not such a bad deal -- had the government commissioned all those new council slums to be (the newbuild, 2 bedroom rabbit hutches called 'luxury flats') it would have been even more expensive.
Everyone complained that NuLabour isn't building housing, now they finally act on upping the public housing stock and people still aren't happy... tsk.
And the best thing is, that the socialists pulled it off by shafting the get-rich-quick-wanna-be-capitalists, aka ex-working class aspiring to be middle class by becoming rich buy-to-let landlords. Muhahaha...!
So it's not like it's hurting anyone who wasn't greedy, and frankly, if people are too stupid to do simple maths it serves them right to get fleeced.
As for the pile of national debts -- it doesn't matter, it cannot be paid off anyway(unless we allow for hyperinflation), so we don't need to worry about piling more on in either case.
Pyschologist
Yup they sold off the best bits to JP Morgan.
Watch out for similar when Ron gets started.
Wonder who ends up with the rump nobody wants to buy?
Anon-
Yes, it is pretty extraordinary, but Ron is apparently going to look at those jolly old books for the first time. I guess they're hoping he'll spot something those dimwits at Goldmans missed.
Hmm, I wonder if anyone else has seen this?
http://www.thedailymash.co.uk/ne...ey-20080218730/
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