Brilliant work. Where did you get the pie chart?
What would your best case alternative be at this point?
How much do you wanna bet that "Enron" Brown can't fabricate a way of keeping the "guarantee" off the balance sheet.
Completely implausible, but then so is the PFI guarantee ....
¨But note this key point: even when the bonds are sold off, they will reportedly remain fully guaranteed by taxpayers.¨
Cool, I have some imperial Russian government bonds, that my grandfather bought, they were also guaranteed by the government. I´ll dust them off and see if the nice Mr Putin will cash them in.
Where do I sign to to tell HMG that I want to with hold £1000 in tax for each member of my household?
Steve
Sackerson- the chart comes from the recent British Bankers Association submission on enhanced deposit guarantees- see this blog for link http://burningourmoney.blogspot....nd-
blacker.html
mjd
"What would your best case alternative be at this point?"
Given where we are, I'd take it into public ownership.
The aim would not be to run the bank, but to wind it up- ie pay off the depositors, flog the assets over time, and sell/close down the operations(just like happens in the US under the FDIC).
IF there's anything left after all expenses have been taken out, I'd return it to the shareholders. But the way things look, there wouldn't be anything.
APL
IIRC the Imperial Russian creditors have made several attempts to get a pay out, but zilch.
Still the certs are nice. Much nicer than Mrs T's Crock bank statements.
Steve
"Where do I sign to to tell HMG that I want to with hold £1000 in tax for each member of my household?"
Don't know.
But when you find out can you tell the rest of us please.
The Companies Act and the Revenue & Customs (I spare Her Majesty's blushes) both prohibit this sort of accounting.
Add this to the growing list of laws foisted upon us by our masters which do not apply to them.
How much did U.K. Depositors directly lend to Northern Rock?
""What would your best case alternative be at this point?"
Given where we are, I'd take it into public ownership. "
Nope. The most sensible way forward involves Vlad the Impaler.
Slightly OT, but while Messrs Brown and Darling are spending taxpayers' money to save Labour seats in its heartlands, according to this BBC report, Mr Brown is throwing money at India:
" . . on his trip to India, Mr Brown announced a new package of development aid for the country, worth £825m over the next three years."
and China
"Mr Brown also offered China £50m to help the country tackle climate change."
Is there no end to the recklessness with which this man - who has never had a real job and never actually earned any money in his life - spends other people's money?
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