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Don't you dare....

From today's Telegraph:

"The Government has drafted a nationalisation bill for Northern Rock to bring the stricken bank into public ownership as early as February should it fail to strike a deal with a private buyer. Downing Street has opened talks with the Conservatives over the nationalisation bill, hoping that with bi-partisan support it could be rushed through both houses of parliament in a single day".

I hope the talks ended with my lot telling Labour to get lost.
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Blogger Ed said... 10:18 am

So even though Darling couldn't run a whelk stall, he's being put in charge of one of the biggest and most precarious mortgage banks in the country?

Makes perfect sense. Hey why not nationalise the other banks at the same time?  

Blogger hatfield girl said... 11:29 am

It would be interesting to have a sight of who has been lent money, on what terms, over how long and their repayment records. We know the Chancellor of the Exchequer has a NR morgage but apart from him - nothing. Evidently the Treasury and the NR won't even tell potential buyers anything about what the NR has been up to over the last decade. Though having coughed up $60 billion at least we, the people, might be afforded the amusement of looking through their books. Even just their mortgage book.  

Blogger Newmania said... 1:04 pm

Would it be such a bad thing C , how could it worse than havuing to opay form a fire sale profiteer to take our money .

I imagine the point wouild be to blur what happens next  

Blogger Ed said... 1:06 pm

N the problem would be that Darling would get some idiot like Allan Leighton in at huge cost to drive the company into the sand. Then when it finally went bust it would be taxpayers footing all the bills.

To quote Mrs T out of context "no, no, no!"  

Blogger flashgordonnz said... 1:43 pm

It will be run into the sand, regardless. But if it was nationalised, imagine the running costs!  

Blogger Nick Drew said... 5:34 pm

as mentioned elsewhere, I should like to know whether the securitised mortgage bundles sold by NR came with any recourse to NR itself in the event of mortgage default

stranger things have been known  

Blogger Croydonian said... 9:35 pm

Would you let those fools run a bank? I cannot forgive Darling for failing to nod through the Lloyds takeover /before/ the problems at NR turned into a catastrophe.

If the bank goes into receivership, so be it.  

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