Northern Rock to be nationalised

Northern Rock to be nationalised

More to follow after 4pm

I preferred northern soul

unreal when you consider this news

http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/01/14/nreid14.xml

The new shirt:

hmm...................£15m to each employee........ but what about the people who's money was on deposit? and what about the ensuing collapse in confidence in the entire banking system? and the money from the government is not a loss but a guarantee. and unlike black wednesday the problems were caused by the directors of the bank not by the government (who have admittedly made a hamfisted job of trying to sort it out)
and Thatcher took our manufacturing base away as well as the milk and set in train the idea that greed is good and that the market is god which eventually led to the Rocks demise.

Don't you figure it's political suicide to allow a bank to go under, because all those voters losing their life savings?

Plus, there is a distinction between giving money away and lending it. Hopefully the taxpayer will now eventually get their money back, possibly even with some profit.

Nationalisation could be argued to give the best chance of this.

aye and the tube maintenance contract too

The last time a company was nationalised it was by the blues. That company today operates with a slogan "Trusted to deliver excellence"

Your so quick to jump on you anti-North East bandwagon. I was only pointing out nationisation worked out really well the last time a Government did it with a company.

I also think them appointing Ron Sandler to run things is positive (for taxpayers) if you look at his track record when he dealt with the Lloyd's fiasco. It does look like you will get the cull you have praying for as Ron is going to sack a stack, not the 6000+ you were looking for though

Have they really had a 100 billion now Only last week in the Guardian I read they had borrowed 25 billion, another 25 billion was earmarked. Obvisoly I have missed NR getting the 25 billion & whopping 50 billion, must have been down the back of sofa somewhere.

There is not a single thing in the above that isn't absolutely rubbish. You really should be writing for the Mail/Express.

so what happens to the share holders? our lasses mum has a load.

They'll probably get nothing. Or close to nothing.

apparently they were worth 10 grand at 1 point - they had bought more when they got the chance

thats the risk you take i suppose

It's a stupid sensationalist figure that doesn't at all take into account the reality of the situation and is being bandied about solely for the purpose of catching attention and exagerating what a mess the whoel thing is. So in that respect, I don't care where you heard it, it's still daily mail/express territory, and they've been doing the same shit and writing in the same way for more than 4/5 years so it's a comparison that doesn't really date.

Yes, 100m over X amount of tax payers would be about 3.5 grand, but to say people are going to need a second mortage is stupid. To say people are even going to get a bill of that amount is stupid.

The business plan was formed long before the money markets started taking a downward turn. Shareholders' interests and job security weren't issues when the plan was successful, so it shouldn't be now. Every business has to take risks. I don't think a bad set of morals has lead them to this situation.