Re: Virgin Money acquires Northern Rock : Thu Nov 17, 2011 10:52 am  

ROBINSON wrote: So you agree with the Daily Mail, then? There's a turn up! http://www.dailymail.co.uk/news/article ... ocket.html On a serious note - by 'good' I meant that the outcome is as good as can be expected. The Labour government massively overpaid for the business, and at least this way, the current government and at least get some money in. Therefore, it's good. However as I said in my previous post, had the Labour government allowed Virgin to talk to them and Northern Rock instead of wading in like they did, then this loss wouldn't have happened, would it? You have a short or selective memory. The (Labour) government was terrified of being branded as a nationalising government, they bent over backwards to avoid nationalisation and it was only undertaken as a last resort. As it is, the current government is selling off an asset at a cut price with all the toxicity removed. Just like old times, isn't it?

ROBINSON wrote: So you agree with the Daily Mail, then? There's a turn up! http://www.dailymail.co.uk/news/article ... ocket.html On a serious note - by 'good' I meant that the outcome is as good as can be expected. The Labour government massively overpaid for the business, and at least this way, the current government and at least get some money in. Therefore, it's good. However as I said in my previous post, had the Labour government allowed Virgin to talk to them and Northern Rock instead of wading in like they did, then this loss wouldn't have happened, would it? You have a short or selective memory. The (Labour) government was terrified of being branded as a nationalising government, they bent over backwards to avoid nationalisation and it was only undertaken as a last resort. As it is, the current government is selling off an asset at a cut price with all the toxicity removed. Just like old times, isn't it?

Re: Virgin Money acquires Northern Rock : Thu Nov 17, 2011 11:05 am  

El Barbudo wrote:

You have a short or selective memory.
The (Labour) government was terrified of being branded as a nationalising government, they bent over backwards to avoid nationalisation and it was only undertaken as a last resort.

As it is, the current government is selling off an asset at a cut price with all the toxicity removed.
Just like old times, isn't it?

Cut price?

Do you want to back that up?

Re: Virgin Money acquires Northern Rock : Thu Nov 17, 2011 11:26 am  

ROBINSON wrote:

Cut price?

Do you want to back that up?

tb already has.

We have put £1.4bn into Northern Rock plc.
We'll get £747m ... plus (maybe) £280m later.

But the toxic debt is till in the "other bit" of Northern Rock, possibly £21bn-worth.

The only reason to sell right now is that Ozzie has fecked-up economic growth and, without flogging stuff off, can't reduce the deficit as quick as he said he could.

Re: Virgin Money acquires Northern Rock : Thu Nov 17, 2011 11:38 am  

Two companies that deserve each other. I hope it's written in that there will be no future bail out.

Re: Virgin Money acquires Northern Rock : Thu Nov 17, 2011 11:44 am  

El Barbudo wrote:

You have a short or selective memory.
The (Labour) government was terrified of being branded as a nationalising government, they bent over backwards to avoid nationalisation and it was only undertaken as a last resort...

And indeed, carried on the privatising policies of the previous administrations.

Damned socialists, eh?

Re: Virgin Money acquires Northern Rock : Thu Nov 17, 2011 12:05 pm  

El Barbudo wrote:

tb already has.

We have put £1.4bn into Northern Rock plc.
We'll get £747m ... plus (maybe) £280m later.

But the toxic debt is till in the "other bit" of Northern Rock, possibly £21bn-worth.

The only reason to sell right now is that Ozzie has fecked-up economic growth and, without flogging stuff off, can't reduce the deficit as quick as he said he could.

That doesnt suggest for one minute that Virgin Money are getting Northern Rock at a cut price. If anything, it suggests that the government overpaid, whch would not have happened had they allowed Virgin to talk to Northern Rock in the first place.

This really is not rocket science.

Re: Virgin Money acquires Northern Rock : Thu Nov 17, 2011 12:09 pm  

ROBINSON wrote:

That doesnt suggest for one minute that Virgin Money are getting Northern Rock at a cut price. If anything, it suggests that the government overpaid, whch would not have happened had they allowed Virgin to talk to Northern Rock in the first place.

This really is not rocket science.

It suggests the possibility of both tbh.

But neither argument suggests the truth of the matter and unequivocal statements can't be made at all.

Who knows how much NR is worth now? Or was worth at the time?

Re: Virgin Money acquires Northern Rock : Thu Nov 17, 2011 12:30 pm  

ROBINSON wrote:

Cut price?

Do you want to back that up?

Virgin money I recall offered close to double that when Labour were in power.

It is a good deal right now but is now the time to do the deal?

Re: Virgin Money acquires Northern Rock : Thu Nov 17, 2011 12:44 pm  

ROBINSON wrote:

Cut price?

Do you want to back that up?

We are getting back less than we paid and it doesn't include the part with the worst risk.
It's pretty obvious unless you are a blind eyed Tory boy (Oh wait).

[tb]

Re: Virgin Money acquires Northern Rock : Thu Nov 17, 2011 1:01 pm  

Gideon wrote: "Some may say that selling a fragile bank at a loss in the midst of a potentially catastrophic debt crisis and with a second credit crunch looming on the horizon is not necessarily a spiffing idea. "And I would say 'I have absolutely no idea what any of that means'." Satire gets it right again: http://www.thedailymash.co.uk/news/busi ... ne-to-use-£747m-from-northern-rock-sale-to-bail-out-new-owners-201111174558

Gideon wrote: "Some may say that selling a fragile bank at a loss in the midst of a potentially catastrophic debt crisis and with a second credit crunch looming on the horizon is not necessarily a spiffing idea. "And I would say 'I have absolutely no idea what any of that means'." Satire gets it right again: http://www.thedailymash.co.uk/news/busi ... ne-to-use-£747m-from-northern-rock-sale-to-bail-out-new-owners-201111174558