Northern Rock sold to Virgin Money- UK Tax payer gets shafted

Northern Rock sold to Virgin Money

www.spectator.co.uk

By the looks of it, Virgin will be paying less than they would have done four years ago, but they have also had to make various assurances about how they will handle the Rock. When Branson's bid failed in 2007, and the bank was nationalised, it was because the government started worrying about what they saw as 'extortion' on Virgin's part. Now, Virgin Money are emphasising that they will safeguard jobs and maintain a new HQ in the North East.

(visit the link for the full news article)


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So it seems the British Tax payer is about to get shafted again over the Northern Rock deal. From what I can make out we lose up to £400 million on the good proitable part of the bank and keep all the 125% mortgages from the bad part of the bank. Will be interesting to see how this plays out and get to grips with a little more about the deal. But reading the twittwer feed the comments are mostly negative.

"So on paper, taxpayers end up with a loss of somewhere between £400m and £650m," said our business editor.

The size of the losses contained in the bad bank part of Northern Rock are still uncertain, but could amount to as much as £21bn.

www.bbc.co.uk...

www.spectator.co.uk
(visit the link for the full news article)

Is Britain even democratic? why is referendum not held on this issue?
Ghaddafi looks better and better than 'democratic' Surveillance KGB Britain Ghaddafi sold oil to west and gave money to people.But in britain they take money from people and give to the thieving queen and the kleptocratic rothschild banks.





Ghaddafi was the robin hood of Africa,but where is the robinhood of Britain.

reply to post by woodwardjnr


To be fair, and i do not like defending banks or financial institutions, a loss of £400-£650 million is far better than what has for a long time been a possible collapsing bank - we could have lost billions and billions.

Still not good though......

reply to post by Flavian


read this gem here...

From what I can make out we lose up to £400 million on the good proitable part of the bank and keep all the 125% mortgages from the bad part of the bank.

socialise losses and privatize profits,the perfect corporate communist way

As always and worse under the conservatives.
Meanwhile the need have to tighten their belts and suffer cuts and increased util bills etc.
Disgraceful but no surprises!

should have let the banks collapse then bankrupt the insurance company paying out ppls savings.. then got some new banks and new insurance companys. far far less jobs lost than what the uk is losing because of the bail outs.

but hey chaos by design is the name of this game .. mr rockafellar, mr rothchild and the bilderberg massive, personally i hope you suffer every bit of pain your design bestows on your fellow man you sick freak show organisation of human terror.

reply to post by RP2SticksOfDynamite


Yes,britain can spend 20 billion $ on these top level welfare moochers and parasites on british economy

www.thehollywoodgossip.com...



How about reducing the allowances of these royal family freeloaders.

reply to post by ludwigvonmises003


50p per person a year isn't exactly a large 'allowance' for the Royal family.
--------

Virgin Money has pledged to establish a new headquarters in Newcastle, where Northern Rock is based.

It also also agreed not to close any branches and instead to increase their number "as the business' growth allows", and support Northern Rock's charitable foundation for a year.

Some jobs will be safe for a while it seems, assuming all goes to plan.

As far as what happens to the billions of pounds worth of debt the government is hanging onto is anyones guess at this point. Given the instability of the European economy the prospects don't seem to good, hopefully all goes according to plan however. Losses are inevitable at this point obviously, hopefully we're able to minimise those losses as much as possible.

reply to post by lifeissacred


20 billion years on a marriage yeah sure ,its not a large allowance for the Rothschild, but for Joe six pack its monstrous....

problem is that you british have no gun rights.Thats why your govt is such big thieves.

Maybe Richard Branson could be the Robin Hood we need....I don't know, but when he put in his bid to run the National Lottery he wanted the top payout to be capped at £5million I think it was so that any other winnings over and above that could be filtered down the winning line so that those who would have won £10 under the old system now stood a chance of winning more like £30 for example....now that seems like a fairer distribution of wealth in my book and would have enticed me to play every now and again. I have and will not gamble on the way the lottery is set up now.
As to Northern Rock....let's give it time to see what he wants to do.
Rainbows
Jane

Yes,britain can spend 20 billion $ on these top level welfare moochers and parasites on british economy

I think your misunderstanding slightly.. Britain do not spend 20 billion on them, The article talks about what he will inherit, and that is not cash its assets that have been in their family varying from decades to hundreds of years..

I know the royal family have haters here.. but the fact is they bring in far more money annually through tourism etc than they cost the taxpayer... and they are not exactly freeloaders either.. they have to work for their money by representing this country around the world, and they do a pretty good job of it..
Its actually what makes Britain stand out from most other countries.. the fact we still have a monarchy, which we have had for thousands of years.

im not defending them i do understand the conspiracy stuff surrounding them but im just pointing out some facts..

reply to post by Misterlondon


Erm...you might want to change that monarchy for thousands of years bit....
Just saying
Rainbows
Jane

Originally posted by ludwigvonmises003
reply to post by lifeissacred

 

20 billion years on a marriage yeah sure ,its not a large allowance for the Rothschild, but for Joe six pack its monstrous....

problem is that you british have no gun rights.Thats why your govt is such big thieves.

regarding your first point please refer to my above comment..

regarding your second point... i dont think ive ever heard such nonsense.. every government are thieves whether you have gun laws or not.. America for example, just as bad as the uk if not worse..

and exactly what difference would that make if we had guns? Please explain that one to me.. id love to hear this...

Erm...you might want to change that monarchy for thousands of years bit.... Just saying Rainbows Jane

actually i didnt mean just the windsors family line.. i actually meant we have had kings or queens here (in general) for thousands of years.. i did re read my comment though and do see how it can be interpreted like that.

thanks for pointing it out..

Originally posted by ludwigvonmises003
Is Britain even democratic? why is referendum not held on this issue?

We have a parliamentary Democracy... we elect parliament to speak for us, we do not have a voice or a say ourselves.... nobody does.

Not us, not the USA with the Presidential Democracy.....

It's just an illusion...

Originally posted by ludwigvonmises003

Ghaddafi was the robin hood of Africa,but where is the robinhood of Britain.

Robin Hood was the Robin Hood of Britain

Originally posted by ludwigvonmises003
Is Britain even democratic? why is referendum not held on this issue?

We had a general election in 2010. Only complete moron would never have predicted this by the tory party. I will hold back my label of moron to anyone too young to remember the previous tory government and thus do not know what their ideology is as opposed to their fluffy electioneering.

reply to post by ludwigvonmises003


Not trying to derail the thread but the assertion that Britain has 'no guns' is a myth. "In England and Wales, 1.8m shotguns and other firearms are legally held."

Anyways, let's just hope all goes well and we can sort out the billions of northern rock debt that the government is still holding onto.

reply to post by blupblup


We do not have a democracy what so ever. Parliament is controlled by the Financial Lobbyists, banks etc, although those at Westminster have tried to dismiss the claims. Everyone knows there is not democracy at all.