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What's likely to have happened with our Northern Rock shares?
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So you want the government to spend how much to investigate if all previous rulings on the matter were incorrect with no idea as to what the answer is?
All previous ruling say zero value. Would you be ok with 0.00000001 per share?Left is never right but I always am.0 -
Getting silly now. Over and out.
I have already said that net book value was about £1.6 Billion.
The government is going to profit by between £10 - £18 Billion.
There does not even need to be an inquiry if Labour realise they did wrong and were unfair.
They can do a deal if they wish.0 -
Over and out from me...
Thank you to everyone who supported the rights of the 'little people' who were clearly pushed aside here.
To those of you who disagree, I respect that you have an opinion to be heard.
It is fair that you have had the chance to give it.
Den0 -
dengrainger wrote: »
The government is going to profit by between £10 - £18 Billion.
Anybody can pluck figures out of the air.0 -
dengrainger wrote: »Getting silly now. Over and out.
I have already said that net book value was about £1.6 Billion.
The government is going to profit by between £10 - £18 Billion.
There does not even need to be an inquiry if Labour realise they did wrong and were unfair.
They can do a deal if they wish.
At least i put a value on your shares; you have no idea.Left is never right but I always am.0 -
What Redux and others are not appreciating is that Labour rushed through the nationalisation just six weeks before the launch of £ 1 Trillion of support for ALL UK banks. Why not let the Rock also benefit from the April 2008 rescue followed by more support in QE and lower interest rates??
Labour took all 100 percent for loans representing 20 percent of assets that had replaced the customer deposits drained by the Run caused by the Tripartite leak. They gave secret loans to Lloyds and RBS.
Then ask yourself if the value was indeed nil WHY is a Surplus of £ 12 billion now expected (by the Government) after all loan and interest payments? Has the Government "created" £ 12 Billion of value after nationalisation in a run off situation after sending the best customers to Virgin? No way! Most of this was "Embedded Value" -- not recognised in the fakeValuation which assumed very high impairments and instant return of all state aid.
To assume instant repayment of State Aid is Unreal! In reality no enterprise is expected to return all state support within months. Other major UK banks have enjoyed massive State support, direct and indirect, for seven years! Why the unequal treatment? Was it to achieve the Gordon Brown boast in Parliament that the Government would make a "profit" when NR was returned to the private sector?
Just consider what an immediate return of support means. It's similar to a critical care patient in hospital being asked to instantly return all blood transfusions, medication, and life support facilities in order to assess the chances of "survival without any help"! This. Is absurd and contrary to the basic purpose of providing State Aid to Profitable, going Concerns that are expected to make a full recovery and repay all support given. The rock qualified on all LOLR CRITERIA - the Tripatite said so right up to 17 February 2008. A central bank has a Statutory role And a Fiduciary role -- the Rock and shareholders were entitled to both but were betrayed by Labour.
Finally look at NR accounts and witness the huge profits After tax flowing to the Treasury. Other major banks continue to write off Billions for Misconduct, impairments and fines! They pay no tax! The Rock had a liquidity problem, but it had a "Good Quality Asset Book" per the FSA and Bank of England. The shareholders deserve a Share of the excess "Unjust Enrichment" being enjoyed by the Treasury. The Judicial process miserably failed to consider Unjust Enrichment would result from a zero value! The High Court and the Upper Tribunal stated that they could not consider whether an Act of Parliament was "Fair" -- only assess if the provisions had been met (be they ethical or not!)
Shareholders (90% pensioners) deserve a Reply from Mr Miliband. Labour is in complete "Denial"we deserve a reply not Denial from Labour-- only a full enquiry can settle this Injustice ( Mr Miliband made a big issue about Justice today)0 -
Still don't get the Labour angle. Party is irrelevant it's 'government' you should he going after.
I also know a few people who's finances have been affected by that pesky government meddling in their affairs. They were lucky and got their grievances heard in numerous courts (even in Europe) but ultimately it was ruled they had no case.
Perhaps now's a good time to spend some more tax payer money having another go?Left is never right but I always am.0 -
I'm not sure how an insolvent bank can have a value.0
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PeacefulWaters wrote: »I'm not sure how an insolvent bank can have a value.
I think the 'fog' of how everything unraveled back then has been blurred; the speed of change / realisation / confirmation. The situation was pretty much unheralded in living memory.
As an outside taxpayer looking in I don't agree with the argument and I certainly don't agree with the obsession for focusing on a Labour Government. As has been pointed out numerous times, its the Government.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
At least i put a value on your shares; you have no idea.
So there's your answer - £2 per share.Optimists see a glass half full
Pessimists see a glass half empty
Engineers just see a glass twice the size it needed to be0
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