The National Union of Students regularly passed such resolutions to end the evils of capitalism. Now that their former officers are in power, (though not in government for governance requires conformity to constitutional and legal provision that the Labour Junta has set aside), we can observe their jejune malignity spreading across our grown-up lives.
The destruction of any assured legal recourse against the damage that has been done to the owners of Northern Rock may at last bring home a widespread understanding of the authoritarian horror that is the Labour Executive.
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"Treasury seeks to head off legal action
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"[1] The Chancellor, Alistair Darling, said: "The Bill will provide for an independent arbitrator to value the shares. He or she will do it on the basis that the company does not have Government support."
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"[2] The nightmare scenario for the Government would be the kind of bitter row with shareholders that ensued after Railtrack was put into administration. Corporate recovery experts have suggested that the independent arbitrator could benefit the Government by deciding that Northern Rock would be worthless without Government support."
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"[3] The Government's legislation will allow it to take any financial institution into public ownership for the next 12 months. The Chancellor said the measure was only aimed at Northern Rock. The Treasury said that a Bill specifically dealing with Northern Rock would have taken far longer to enact. But senior bankers have said the general measure could further undermine confidence outside Britain in the country's banking regulation."
[1] Initial thoughts, what absolute b*****ds. However, [2] this may re-open the liquidity vs solvency discussion and provide evidence that the bank has been trading whilst insolvent; perhaps opening a route to some sort of cause of action. Lastly, [3] comments have been posted elsewhere on this blog with respect to who else may need to be nationalised.
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