Mugged again

CKhalvashi

IronWolf wrote: »

What we "bought" it for is irrelevant in determining if we got a good deal. We didn't buy it as an investment, we bailed it out.

Virgin are essentially buying the net assets and customers, as the business as a whole is loss making. £700m sounds like a reasonable figure to me for something not making any money.

At the same time, it’s upto Virgin to turn the bank into profit. The fact that the taxpayer has wiped £700m from the national debt, as bad as it may be in the face of things, 1% less debt is still a lot less interest to be paying.

Think of the problems that would have been caused, had the bank gone under. I personally feel that the burden on the taxpayer has been lessened by the loss we are facing now.

If Martin Lewis were running the country, it would be different, but for now, there’s nothing we can do!

opinions4u

CKhalvashi wrote: »

If Martin Lewis were running the country, it would be different, but for now, there’s nothing we can do!

Jesus, he'd be having us all reclaim our tax, even though it was paid in accordance to the requirements of the appropriate Finance Act.

CKhalvashi

opinions4u wrote: »

Jesus, he'd be having us all reclaim our tax, even though it was paid in accordance to the requirements of the appropriate Finance Act.

My accountant’s ex-IR (when it existed), and she knows what she’s doing!

I wouldn’t trust :money: on that, but good point!

datostar

Ownership of the former Northern Rock will be :-
Virgin Group : 45%
US private equity vehicle WL Ross : 45% (Put up most of the cash)
Abu Dhabi wealth fund and other minority investors : 10%

Branson terms the deal "classic Virgin". It certainly looks that way. There'll no doubt be the usual recurring payment for the Virgin name.