Northern Rock: The British Layland of banks.

Its all going to shit at Northern Rock and us taxpayers are picking up the tab.

First we have this from Forbes...

LONDON (Thomson Financial) - Talks on the value of government promises to shore up Northern Rocks retirement scheme are close to deadlock, as the bank's board and pension scheme trustees fail to reach agreement over its deficit, the Financial Times reported.

The newspaper did not name its sources, but said the impasse comes as the bank is expected to report Tuesday a loss of about 500 million pounds for the first half of the year. It is expected to remain in the red until 2010, the newspaper added.

So the state owned bank is leaking like the bloody Titanic after hitting that large ice cube in the ocean and not likely to get back into the black until 2010, yet alone get back the squillions pissed away by Gordon Brown in shoring us the SS Northern Rock.

Next up from AFP...

LONDON (AFP) — Nationalised British bank Northern Rock said Tuesday that the state would boost its capital by 3.0 billion pounds (3.7 billion euros, 5.9 billion dollars) after it suffered a first-half loss of 592 million pounds.

The group, which was nationalised after becoming a victim of the global credit crunch, said that Britain's Labour government had agreed to convert up to 3.0 billion pounds of its debt into shares to strengthen the bank's balance sheet, subject to approval from the European Commission.

"We have said we will put in up to 3.0 billion pounds," British finance minister Alistair Darling told BBC radio in an interview.

God help us, will these dull socialist bastards ever learn. £3 billion more spunked away on the socialist wankfest of nationalisation. Another Gordon Brown fuck up.

Lest we forget this steaming pile of Rock cost us 26billion to bale out...thats 26 billion and counting..

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