Sir Nicholas Macpherson was the senior civil servant in the Treasury, when Northern Rock ran into difficulties. He has just appeared before the Treasury Select Committee and there is a report here. This is the first paragraph.
The Treasury’s most senior civil servant has told MPs the government should have been quicker to nationalise Northern Rock following its collapse.
It doesn’t appear to me, that the government appeared to act quickly at all.
Perhaps, Gordon Brown was just being too prudent!
On the other hand, I’ve done financial modelling with loan companies and know that if you decide to run them down collecting all the payments aggressively, you can often retrieve a bad situation.
So perhaps, they were hoping Northern Rock would all come good! It didn’t!
Remember though, the bank did employ a lot of people in Labour’s heartland. So liquidation would have been a bad option for NuLabor.
As he was responsible for framing a lot of Nulabor policy, is there any connection to the financial mess that the Blair and Brown governments left us is.
Just looking at various cabinet ministers of the last fifty years or so, you can tell that some don’t have the healthiest of lifestyles.
They’re certainly being accused of that in The Times in a front page article, entitled Hypocrisy charge as Labour cuts its pensions.
It’s one of those titles where you can skip the rest.
The Sunday Times is reporting that RBS, or as I think it should be called, the Royal Bank of UK Taxpayers, is charging this rate for an unauthorised overdraft.
So the message is don’t go overdrawn if you bank with this wunch of bankers. But as a taxpayer, surely it is not a bad thing if a few idiots do, as they will help to make the bank profitable, so we can pass it on to another set of mugs.
On the other hand, we could bleed it dry, so it didn’t make any profits and then it might go bankrupt after which the liquidator could have their share and then pass two-fifths of five-eighths of fuck all to the government. After all Gordon Brown got us into this position by saving the bank in the first place, so that Scotland might vote for him. It was a good idea, as it looks like more voters north of the border preferred the SNP to Nulabor.
As an aside why is it always two-fifths of five-eighths of fuck all? A quarter would be simpler.
You wouldn’t think this was the website of a ompany with a bit of a problem and especially as the site is still advertising for new punters.
One interesting thing is that typing Harley Medical Group into Google, the first entry you find is a firm of solicitors.
I also found this article on the Daily Mail’s website. So was the head of the firm advising how to smarten up NuLabor’s image? Probably not, but it just shows how high-profile Harley Medical Group was.
But not in the same way as now!
Or it seems to be when I go near it!
This morning I went to Elephant and Castle and passing through Monument, an announcement said that all lines on the Underground were running well except for the Jubilee.
It always seems to be like that. Could it be, that as it was built to be finished by the Millennium for the do of the great-and-good at the Doom, that it wasn’t done properly? Or was it NuLabor couldn’t afford the bribe to keep the workers on the job, so they left out a few important wires?
As it was, today it didn’t matter, as I took the Bakerloo from Embankment. But it was still suffering delays, when I came back!
According to this report, Milliband is going to pledge to end the “fast buck” culture.
Ed Miliband will vow to end Britain’s “fast-buck” culture and ensure the “right people” are rewarded, in a speech to Labour’s annual conference.
The Labour leader will say later that the country needs “a new bargain based on a different set of values”.
Unfortunately, the get rich quick ideas have always been with us at all levels of society. As an example, the only shop I can see from my house is a betting shop. If I go down Dalston High Street, it is a sea of similar shops and pay-day loan companies. And look at the success of those legalised loan-sharks, Wonga.
In fact, it will be much easier to curb, the “fast buck” culture in the City, as many responsible people I know, steer well clear of the more dodgy practices that brought us some of the very high risk financial instruments, that took a lot of banks to their knees. It used to be in the city, that when you invested in Lloyds and similar companies, if it all went wrong you lost everything. Consequently, the risk management was a lot better, proving Dr. Johnson totally right about hanging.
Incidentally, I was urged to join Lloyds and didn’t! Why? Because it’s my money and I like to have some slight control over what happens to it.
Thinking after what I have just written about Lloyds, wouldn’t it have been better to have put the various bad banks like HBOS and Bank of Scotland into receivership, rather than use them to poison Lloyds TSB. After all, they were very much a victim of Milliband’s “fast buck” culture. But NuLabor made the mistake of saving them. And who was at the centre of that process?
Two papers today; The Times and the Daily Mail have a story from an updated edition of Anthony Seldon and Guy Lodge’s book, Brown at 10, that Ed Balls asked Treasury officials to produce economic forecasts that Brown would like. The report in the Mail is here.
According to The TImes, a spokesman for Mr. Balls said it was all “absurd and untrue”. In other words a load of old balls!
When I read stories like this, I get very angry.
The new fire control centres didn’t benefit anybody and cost everybody in the UK ten pounds.
I hope the idiots who put this forward were fired. But I suppose if they were, they probably got a gold-plated pension.
I also hope that the company who didn’t deliver the computer system, don’t get another government contract! But they always do!
He at last seems to have shown some backbone in standing up to the that bully, Gordon Brown, in his memoirs according to many reports today. Here is the one from the BBC. I like this quote about Brown.
Gordon Brown was so deluded as prime minister that he was adamant one of the worst economic crisies in history would be over in six months.
How did NuLabor let such an idiot get the top job? I suspect that many saw the writing on the wall and Brown was holding the parcel when the music stopped.