Tuesday, 4 August 2009

Wreck run

This is not the first time I have posted about Northern Rock losses. In fact, I was against the nationalisation of Northern Rock from the start. The business model was just so skewed to allow it to continue. Best value was to allow it to be broken up and sold off.

Instead, to save the banking system, the Government stepped in to save the bank of its heartland voters.

Now look what we have, a complete mess of a bank, which has already cost taxpayers a fortune. Worse losses than last year, a mortgage book in 3.29% arrears - comfortably worse than any major rivals.

This was always going to be the case with such a basket case of a bank.

What do the Government suggest? Sell any last profitable bit as soon as possible whilst keeping all the losses for the taxpayers.

Lord Mandelson is not a business genius.

14 comments:

electro-kevin said...

What is it about Newcastle ?

I'm surprised the Govt hasn't stepped in to save United ! (Is NR still sponsoring ???) It's already taken over its premier rail service. (East Coast is a Newcastle railway - they see it as such)

This city has to be the most spoilt in the country. It seems immune from all harm and now it seems that we are not allowed to pronounce it New-carsole but must say New-cassell ... even if we come from Larrnden.

I'm half Geordie btw.

Bill Quango MP said...

EK
Newcastle shirts 2009/10

Sponsor.: Northern Rock.

Obsidian said...

The Barcodes away strip does look like piss, as in "our sponsors take the piss", how appropriate!

Elby the Beserk said...

Having lived 25 years in Bristle, the odd business visit to Newcastle was very revealing, especially in one area - public transport.

Used to fly there from Bristle airport. Metro station there (buses to Bristol). Dirt cheap ticket to city centre. Cross city bus ticket when I went there last was just over £1. First Buses there, as well as Bristle. Equivalent ticket in Bristle. £3.

I assume that Newcastle's public transport is hugely subsidised. And Bristol's not - despite it having voted Labour for years.

Anyway - what is the definition of a Geordie?

A Scotsman with his head kicked in...

I'll get my coat...

CityUnslicker said...

I doubt the planning for Newcastle council looks great for 2010/2011.

Demetrius said...

One wonders quite how many people, and who, have interests of one sort or another in Northern Rock tucked away were nobody can find them. Or I am just being mean and suspicious?

guthrie said...

Mandelson might not be a business genius but I bet he gets some nice directorships when he leaves again.

Unsworth said...

Mandelson is damn dangerous. He's way out of his depth playing with these companies - yet everyone seems to think he's clever, and that's the danger. Actually he's just not up to the job and it's time some people called him on that.

Blue Eyes said...

EK it's nuke-assell, the "c" is in the first syllable not the second!

Anonymous said...

I wonder how many directors of North Wreck were also directors of any of the big losing banks

T'old 'un said...

"Lord Mandelson is not a business genius."

No, but we all know what he is.

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