Northern Rock - who's to blame?

[boldie]

US Fed cuts rates by 0.75% inter-meeting

they're worried for sure!

yeah I bet they are. I think it'll be a while before the BoE follows though

[AndrewT]

US Fed cuts rates by 0.75% inter-meeting

they're worried for sure!

Dow Jones opens down 280 points.

[AndrewT]

US Fed cuts rates by 0.75% inter-meeting

they're worried for sure!

Dow Jones opens down 280 points.

Twenty minutes later it's down 438 points.

Going well, this.

[lazaroonie]

the bbc plumbed new depths this morning with its reporting on the markets.

Sheer unadulterated glee is the only way to describe it when it was reporting a near 300 point opening fall on the market - "This is surely as bad as black monday" they said excitedly....

20 minutes later when the market had recovered around 200 points of the early losses they almost sounded disappointed.


irresponsible.

[boldie]

the bbc plumbed new depths this morning with its reporting on the markets.

Sheer unadulterated glee is the only way to describe it when it was reporting a near 300 point opening fall on the market - "This is surely as bad as black monday" they said excitedly....

20 minutes later when the market had recovered around 200 points of the early losses they almost sounded disappointed.


irresponsible.

Yesterday was worse. When they first mentioned the market dropping the day before (BBC breakfast at 6.45 AM or so) they said "It's of course not the first time the market has dropped a fair few points" (I thought we were going to get a reasonable perspective on the market here but no..) "Though the last time was 9/11 and the time before that everybody remembers as the great stockmarket crash"


Sigh.

[AndrewT]

the bbc plumbed new depths this morning with its reporting on the markets.

Sheer unadulterated glee is the only way to describe it when it was reporting a near 300 point opening fall on the market - "This is surely as bad as black monday" they said excitedly....

20 minutes later when the market had recovered around 200 points of the early losses they almost sounded disappointed.


irresponsible.

That was the same way I felt though - I love a good stock market crash. I lost interest when the markets started going back up as well.

[TightEnd]

ouch $7.0bn fraud at Soc Gen


it never rains.....

[TheChipPrince]

ouch $7.0bn fraud at Soc Gen


it never rains.....

Ed Hollis AKA 88 Percent?

[boldie]

ouch $7.0bn fraud at Soc Gen


it never rains.....

Ed Hollis AKA 88 Percent?

lmao

[ACE2M]

so it's been nationalised.

Am i wrong in thinking 'bollocks to the shareholders who were saying they would sue, they are lucky to get anything out of it'. Have they got anything out of it?

I could go off and read all about it but i'm sure some of you experts already have and can give me a quick summation of if i should be happy or annoyed about it. thanks.

[boldie]

so it's been nationalised.

Am i wrong in thinking 'bollocks to the shareholders who were saying they would sue, they are lucky to get anything out of it'. Have they got anything out of it?

I could go off and read all about it but i'm sure some of you experts already have and can give me a quick summation of if i should be happy or annoyed about it. thanks.

you effectively paid 50 bill or so for a bank that is worth pennies. I'd be annoyed about the whole thing BUT it's better than selling it to someone like wooly-jumper and you'd never see any money for it again.. I have very little faith that NR will now be run properly though.

And indeed bollocks to the share holders..they can sure however much they want. They put their faith in crooked and bad directors and now want to come crying after you and me paid about 3500£ EACH for the privilige of owning this sodding piece of crap.

[Acidmouse]

On question time last night they went over it for a good section of the program. It seems most people are angry at the government for some odd reason.

But like Boldie outlined it was the people that run Northern rock and took the huge risks that are to blame. The investors took the chance and if didn't pay off. How on earth can you sue anyone for that?

The government have saved peoples jobs and enabled northern rock to be turned around (so it can then be sold back), sure they messed up on when/how this was done but the alternative was to close the company down and all 6000 workers lost their jobs. It's a no win situation, people will whine at anyone.

It also seems that as soon as something is nationalised it must be a really bad thing. Take away the typical stereotypes that surround nationalised companies, strikes blah blah. It does have its advantages, I mean look at British gas how it was sold back to the people that owned it, and now it is allowed to run up 570% increased profits when the customers have to pay huge increases in bills. All those people that bought shares in the sold off government companies can pay for their extra fuel costs by selling their shares, now that would be funny.

[boldie]

On question time last night they went over it for a good section of the program. It seems most people are angry at the government for some odd reason.

But like Boldie outlined it was the people that run Northern rock and took the huge risks that are to blame. The investors took the chance and if didn't pay off. How on earth can you sue anyone for that?

The government have saved peoples jobs and enabled northern rock to be turned around (so it can then be sold back), sure they messed up on when/how this was done but the alternative was to close the company down and all 6000 workers lost their jobs. It's a no win situation, people will whine at anyone.

It also seems that as soon as something is nationalised it must be a really bad thing. Take away the typical stereotypes that surround nationalised companies, strikes blah blah. It does have its advantages, I mean look at British gas how it was sold back to the people that owned it, and now it is allowed to run up 570% increased profits when the customers have to pay huge increases in bills. All those people that bought shares in the sold off government companies can pay for their extra fuel costs by selling their shares, now that would be funny.

Nationalisation can be a good thing, in my opinion..I sure as hell rate it a lot higher than how privatisation has been handled in most cases.