There must be a presumption that Northern Rock's gross assets are worth less than £24 billion, and certainly less than the £30 billion or even £40 billion some reports are wondering if the Bank of England might print for them.
So why are the shares of Northern Rock trading at a positive, though much reduced, price?
Either the Bank of England (that's you, the taxpayer) will not be repaid in full for the liquidity it has provided; or Northern Rock shareholders are cartoon characters paddling air long after the cliff edge. Tertium non datur.
Who are these shareholders to command such allegiance from the Labour regime?
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'I saw the angel in the marble and carved until I set him free'
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Fallen Angels
- David Cameron (for risking the disorderly dissolution of the Euro)
- Giorgio Napolitano (for stance on Budapest 1956: Prague 1968: Italy 2013)
- Mervyn King (for bailing-out Northern Rock)
- Nicholas Kaldor (for inventing VAT)
2 comments:
Why are we not shareholders, having invested so much? Will Richard Branson pay us back or will he get a massive subsidy if he buys? And will we have to pay the Metropolitan Police fine for endangering the public or will it be docked from their wages?
Why don't we own all of north eastern England, or at least Newcastle, L? No, we won't be paid back, but as it's freshly printed it's inflation, interest rates, higher taxation etc., we'll pay through.
What can be expected from a demutualised building society with all the arrogance of anachronistic socialists and their self-serving reconstructions of reality - backed in the case of the north east by the Labour regime and their delusional grasp on finance and economics, led by a man who seriously expects to be known as Adam Applegarth? What kind of daft George Elliot name is that?
And why haven't Northern Rock (another daft name from some pseudo industrial arcadia) shareholders required him to resign?
CitiBank's CEO's head is on the block, but then he is clearly a real person with real roles, responsibilities and normal shareholders, (though being called Charles Prince is a bit iffy too, what is it about banks and their heads?)
I don't know who pays fines on policemen on duty but I wish the inquest system worked better and the inquiries and court case had arisen from a more appropriate prosecution.
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