tag:blogger.com,1999:blog-30194186.post8026486703982226455..comments2024-02-02T10:29:34.789+00:00Comments on A Conservative's blog: Northern Rock: Why was it saved?Benedict Whitehttp://www.blogger.com/profile/01382732288664789210noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-30194186.post-50794255481278270592007-09-17T17:40:00.000+01:002007-09-17T17:40:00.000+01:00The whole situation stinks of Gordon Brown pressur...The whole situation stinks of Gordon Brown pressuring people in a desperate attempt to save himself. If this crisis was left to play itself out without interference from the government, Gordon Brown would be out of a job.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30194186.post-63544369501059228642007-09-17T12:17:00.000+01:002007-09-17T12:17:00.000+01:00Not sure there's a conspiracy angle to this! Few d...Not sure there's a conspiracy angle to this! Few details have emerged as to the terms of the Bank's loan, but we do know it was advanced at a penal rate. The issue for <EM>all</EM> our banks at present is not the <EM>price</EM> at which they borrow, however, but <EM>how long they can borrow for</EM>. This is why 3 month interbank rates are above the Bank's penalty overnight lending rate (base rate plus 1%, or 6.75%, as against 3 month LIBOR at about 6.90%).<BR/><BR/>There are three scenarios for Northern Rock: acquisition, failure or independent survival, in decreasing order of probability.<BR/><BR/>My personal view is that a takeover should be arranged in the next few days, when an acquirer could pick up NR's assets at bargain basement levels, to prevent the crisis in confidence spreading to the rest of the banking system.Elliotthttps://www.blogger.com/profile/12576152095883676171noreply@blogger.comtag:blogger.com,1999:blog-30194186.post-91210251117486540662007-09-17T09:42:00.000+01:002007-09-17T09:42:00.000+01:00BCCI deposit holders lost.B of E wound it up.Depos...BCCI deposit holders lost.<BR/>B of E wound it up.<BR/>Deposit holders sued.<BR/>B of E spent 25m plus defending through courts.<BR/>If you want to see political corruption at its best examine BCCI.<BR/>The entire country is still dealing with the aftermath of that clusterfuck.<BR/>Intelligence services, - corrupt as shiite.<BR/>Bankers, polititians, civil servants, judiciary, - all the same.<BR/>Northern Rock? Bullshit.Anonymousnoreply@blogger.com