Northern Rock - Post 2

Well, seems that the FSA and lots of publicity by both unelected PM Gordon Brown, the badger haired chancellor who does exactly what he is told by the Stalinist one and the banks puppet the FSA has managed to stave off a banking disaster.

How did they manage that? Well by guaranteeing savers' deposits with the taxpayers' cash. Yep the bank fucks up and lo and behold the taxpayers get to bail out the bank and cover any losses by what is a private company.

The best thing here would have been to let Northern Rock go to the wall, the FSA would have covered most of the money either way and a clear message would have been delivered to the finance industry to get their house in order ASAP.

Now the next thing will be that Northern Rock will have a management re-shuffle, some of the top directors will be told to piss off and given a huge pay off, then a pr fluff statement will be released thanking them for their hard work through all the hard times etc etc etc.

(Oh my previous bit on Northern Rock is here)

This will be followed by a take over bid, according to some reports I have read another bunch of corporate vultures called Lloyds Tsb are circling to pick off the bones of Northern Rock.

They or some other bunch of spivs will take over them, keep the banks name and close half or most of the branches. They call it re-organisation.

In short the banks will carry on as before knowing that the government will bale them out with taxpayers money, Northern Rock will vanish as an independent company and will be little more than a brandname like Scottish Widows.

Pictures shamelessly lifted from B3TA.
Tags:Northern Rock
FSA
Subprime Market
Banking

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