Northern Rock Split-Up and Sold by Government

Are you serious?

The ‘good people’ were guilty of a traffic offence so they were given a ticket; or are you saying that they were in fact innocent and were ‘fitted-up’ by the police…

…all ‘millions and millions’ of them!

Don’t just roll your eyes, explain yourself.

…those milllions upon millions of traffic tickets given to what are good people…

…good people who broke the law! :rolleyes:

It reminds me of that line in ‘The Italian job’:

“…this is Bill, he’s just done five years in Parkhurst, but he’s as honest as the day is long…” 😀

There was a Police officer on Question Time the other day complaining about the pensions, but I don’t think they are going to get a very sympathetic hearing from the general public. The NHS struggles to do it, and the public are much more favourable to them than the Police, especially after those milllions upon millions of traffic tickets given to what are good people, the student riots screw up, and the London riots screw up.

Ah, would that it were some notional, champagne swigging ‘investors’ that would take the hit.

Regrettably the major sufferers would pensioners whose pension funds need to be invested well to give them the return they require to eat and heat.

Pension funds are by far the biggest ‘investors’

Moggy

Last year State Pension pay rise £3.00 less Tax = £2.00. Why the heck did I take out a Police Pension, Superannuation plan (Forced upon us when we joined?.) one way or tother they will get you for Income Tax, then they have the cheek to tell you to take out a Private Pension Plan, not for your sake, but theirs, so you pay Tax on it when you retire.
Jim.

Lincoln .7

What you say would hold in a short economic recession but…

What you say would hold in a short economic recession but… this one ain’t short and the second phase may be just rearing it’s head.

In the securitisation pot or bucket go a sprinkling of low risk safe mortgages (people who have real assets and will never default) along with several high risk once, twice, three times a mortgage rubbish. That is property that may not exist, may exist but is built of straw, existed but is so highly already re-mortgaged that no asset is recoverable, or the poor souls who have no hope of repaying or being re-employed.

In a long economic recession the recovery from these sub prime errors is unlikely in the working lifetime of the high risks borrowers.

It’s a win win for trading houses masquerading under the guise of banks only because at the time the UK Treasury lent the billions no one knew the full extent of the impending economic recession.

I think it’s time this government called the bluff on the crooked trading houses sheltering under the safe umbrella of the banks and sold the RBS and BoS off each as two separate entities RBS bank, RBS Traders, BoS Bank and BoS Traders.

Otherwise it’s simply a game of waiting for manna from heaven which ain’t coming.

Have to say it surprised me we cut our losses and ran now. I thought we’d hang on to it until their was an upturn in the hope of making some profit out of it. Could seem a very cheap buy to Virgin in say 5 years.

After all most of the ‘losses’ are only paper risks if people default. That might well not happen on a large scale as most lenders learnt after the early 90’s crash that there is no point in defaulting someone. Far better to take what you can and make up the losses later on when people can afford it.

These pics should give anyone with a modicum of common sense ideas ..

These pics should give anyone with a modicum of common sense ideas ..

The first shows RBS’s gargantuan buildings with their own private flyover the A8 and opposite EDI

The second shows RBS and BofS buildings in the Gygle a stones throw from EDI.

The next shows the RBS former HQ. A majestic building of great architectural history.
At present even last weekend poor souls have set up silent protest tents (camping out in the freezing cold) in St Andrews Square immediately opposite the building but to what avail?
A bit similar to ‘Big Issue’ sellers pestering you and me (we are the converted) – why not outside Whitehall and Holyrood?

The last shows the former BoS building where there now is a museum where one can see a real Million Pound note. ( “A bank – no sir no bank to be found here – sorry”)

Can anyone understand why having done away with friendly high street branches who knew 99% of their customers these two (and other banks too) have erected these monsters to replace what were sensible HQ buildings?
Simple that was when they were real banks.
The modern massive buildings hide masses of trading technology and gullible marketeers sell these high risk products to gullible bank customers (you, me and the elderly).

My own thoughts looking at the buildings many times for real are that they would make great PFI owned Hospital Buildings and the staff to work in them could come in the first instance from the greedy bank employees who I hope will be made redundant.:rolleyes:

The simple words mooted by George Osbourne and David Cameron were

The simple words mooted by George Osbourne and David Cameron were – “by 2015 the legislation will be in force to enforce that banks that hadn’t already done so “Ring Fence” their operations.

The Ring Fence means that the “Capt Mannering” like banking current accounts, savings accounts, ISAs, loans, overdrafts, etc continue to be called and remain under the safe umbrella of “Banking”.

Yes sure there is money to be made in investments, trading of shares, stocks, bonds, if one has the money and wishes to do so. That is an option any individual with the means can engage in (a high stakes gamble/lottery).

These aspects falsely under the roof of ‘banking’ must be removed from the protective umbrella and also stop rifling the banking operations’ assets.

Two separate sets of financial accounts and statements – very simple.

The ‘riskay’ folk take the rough with the smooth (go bust when they fail) while the ‘real bankers’ stay steady hopefully.

2019 isn’t good enough (2015 is/was viable) and the entire UK ‘economic ship’ may sink while these brainless layabout traders pocket their bonuses and build their palaces in foreign parts.

It’s time that public awareness was heightened and the public especially the elderly (pensioners) and wage earners putting towards pensions schemes, should urgently request through their local MPs that the Chancellor and Prime Minister revise the target and also sell off RBS and BofS urgently.

At least it would stop the drain off of public funds as bonuses.

And insurers.

Good point, but many pensioners will suffer as a result of the billions spent in bail-outs by the government.

Pension funds don’t usually invest more than a small proportion of their money on higher-risk investments but then the total pension ‘pot’ is very large so the opportunity is there for money to be made by the banks.

The £21billion owed to the Treasury (owed to us, at £350 for each man, woman and child) must have ended-up somewhere? Or is the Treasury effectively the mortgage provider for 85,000 homeowners (who shouldn’t have been able to get this size of mortgage in the first place) with £250K mortgages?

I’m sure there is money to be made in these riskier businesses but if (no, when) they go belly-up it shouldn’t be the taxpayer that bails them out; the bankers are the ones making the big-bucks so they should be the ones (or rather their investors) taking the risks!

Ah, would that it were some notional, champagne swigging ‘investors’ that would take the hit.

Regrettably the major sufferers would pensioners whose pension funds need to be invested well to give them the return they require to eat and heat.

Pension funds are by far the biggest ‘investors’

Moggy

I agree with much of what you say, particularly about splitting the ‘banking’ side of any bank from the ‘risky business’!

I’m sure there is money to be made in these riskier businesses but if (no, when) they go belly-up it shouldn’t be the taxpayer that bails them out; the bankers are the ones making the big-bucks so they should be the ones (or rather their investors) taking the risks! Maybe then the investors will shy-away and there will be more money for safer, longer-term investment in industry and jobs rather than a fast-buck mentality.

What we had (and still have) is a win-win for the banker who takes the biggest risks.

What was done with Northern Rock must happen with all banks

What was done with Northern Rock must happen with all banks.

This was mooted with vigour by this government but I am reliably informed that the original target has been shifted from 2015 to 2019 – Too late.

It’s simple the ‘true’ banking areas of a bank or building society remain under the umbrella of being referred to as a Banking Operation – they take your money with your consent and place in various types of accounts, current, savings.

The high risk side of many of these banks is where they have without your permission used the deposits made in the genuine banking operation for ‘trading’ exploits that have gone ‘t.ts’ up in a big way.
These are trading and investment operations and are not referred to as banking. They have nothing to do with banking.
They must be ring fenced and a separate set of financial accounts and statements produced from the true banking operation.

Yes the high risk side of NR owes the Treasury £21bn.

Anyone care to ask what the RBS and BofS failures owe. I hope they too get sold off very soon as it is a farce that they have billions in taxpayers money and are still living a life of riley.

Want to see their bonus payments after being declared bankrupt? They individually amount to more than many earn in a lifetime.

No need for any violence or hostility – just simply sell or shut them down asap. An economic recession is a great explanation for such actions.

Simple statement from HM Treasury “Sorry we simply cannot afford you”.

Why are you surprised? It’s exercise in screwing you over, and they are doing very well at it.