A rather laughable front-page ‘scoop’ in the Grauniad today: Northern Crock “is facing a Charity Commission investigation after it emerged that the bank exploited the name of a charity for disabled children while creating an elaborate financial arrangement for maximising profits from home loans”. Yep, folks, the Crock’s Jersey-based mortgage securitisation outfit 'Granite' is – gasp - a charitable trust !
Capitalists@Work can reveal: so are almost all other securitisation SPV-owners !
Tip for the Charity Commission: no, this is not fishy (it’s to ensure the resulting finance is truly off-balance sheet, the whole point of the exercise), and if you’d like to find out how it works, it's all set out in the HMRC’s helpful website here. They'll send you a free CD, if you ask . . .
Actually, I sort of imagine the Commissioners know about this already – even if the Editor of the Grauniad and his sandal-wearing readership don’t. And they give these people votes ? as my mother-in-law says. Tomorrow’s letters page should be funny.
As predicted yesterday (comments, below), the Tub of Lard has swung into action: his apoplectic partisan sophistry on The Daily Politics was a classic of its kind, a joy to behold. Polly Toynbee next …