Northern Rock - 23bn borrowed so far and rising...

[Deleted User]

LOL

I might have a punt but who knows negative sentiment and more bad storys might make it even more of a bargain so im not rushing in.

Generali

Yeah, now's a good time to have cash in the hand methinks.

dolce_vita

I'm no expert but I aint touching banks with my big investments at the moment. I've got a couple of funds with holdings in HSBC and HBOS but that's about it.
But they all appear to involved in this !!!!!! in one way or another.

Most of my money has been into commodities and emerging markets and they are are all flying at the moment. can't see any reason to change.

Generali

The problem is, nobody knows where the losses are. My feeling is that the big unrevealed problem in the UK is going to be BTL buyers and flippers (the ones buying off plan to sell on before completion) on OO mortgages because they haven't got the deposit or the rental cover. By definition, nobody knows where those losses are.

WTF?_2

More 'how on earth did they get away with that' Northern Rock news:

http://news.independent.co.uk/business/comment/article3135442.ece

Best quote...

After a similar but far less dramatic wobble in credit markets in 2005, Northern Rock promised to reduce its exposure to wholesale funding to around the 50 per cent mark. In fact it further extended it and appears to have done nothing to insure against the possibility that this funding might dry up.


IIRC, the NRK management paid themselves massive bonuses for doing so well during the last couple of years before the brown stuff hit the fan :mad:

They must be laughing all the way to the Bank (of England).

Generali

!!!!!!? wrote: »

More 'how on earth did they get away with that' Northern Rock news:

http://news.independent.co.uk/business/comment/article3135442.ece

Best quote...

After a similar but far less dramatic wobble in credit markets in 2005, Northern Rock promised to reduce its exposure to wholesale funding to around the 50 per cent mark. In fact it further extended it and appears to have done nothing to insure against the possibility that this funding might dry up.


IIRC, the NRK management paid themselves massive bonuses for doing so well during the last couple of years before the brown stuff hit the fan :mad:

They must be laughing all the way to the Bank (of England).

Nah best quote is:

The Governor is a crown appointment

It's all the Queen's fault!!!