Archive for the 'finances' Category

northern rock*

Published
by
Aaron
on February 17, 2008
in finances, politics and uk
. 8 Comments

So the Lib Dem recommendation - once mocked by the government - is now going to be policy. Northern Rock is to be “nationalised”.

This sets a pretty shitty precedent, but if you understand the financial world - and the interconnected mesh of daily borrowings that underpins our system - you’d realise why the government had little choice but to step in and secure NR. Once one of the banks defaults, it all gets a bit screwy and the banking system goes into flux, and with the economy the way it is…

I’m just glad none of the piss-taking offers were accepted.

Anyhoo, like I said, what if more of the smaller banks get into trouble? Will the public purse become the safety net? I certainly hope not, and I certainly hope that shareholders are not rewarded for the company’s collapse (it doesn’t look like they will be). Buying shares is a risk, and shareholders know this. I don’t want my taxes used to mitigate someone else’s bad risk.

*I resisted half-a-dozen rock-based clichés and chose that

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oh ffs

Published
by
Aaron
on January 8, 2008
in finances, politics, scandal and uk
. 5 Comments

From The Guardian:

Inquiry launched as Labour caught in new donations row
Peter Hain will be forced to admit that he failed to declare tens of thousands of pounds worth of donations from businesses and unions when he stood for the deputy leadership of the Labour party, the Guardian has learned.

The disclosure will reopen the controversy over Labour party funding and is likely to anger Gordon Brown, who has begun the new year hoping to reinvigorate his government and draw a line under the donors issue, which is currently been investigated by Scotland Yard.

What is left to be said?

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