Are the Sub-Prime, Northern Rock, Fannie Mae and Freddie Mac fiascos connec
2008-07-31 21:34:00 Nearly ten years ago a Vicar told me that 80% of the couples he married said they were cohabiting. He added that he thought 50% of the rest were not telling the truth. He was exaggerating, but had spotted a trend. At about the same time, when I asked a Superintendent Registrar whether she thought banks ...
Northern Rock begins consultations with union over plans to cut 2,000 jobs
2008-05-02 12:30:00 Northern Rock, the nationalised mortgage lender has begun consultations wi
Northern Rock nationalisation
2008-04-03 07:40:00 Contrary to what the Tories may say, this is not a return to the past or a sudden thrust of socialism from the Government; it is in fact reflecting the reality of the situation faced by the government in making a decision that was necessary. Despite valiant efforts by the Government to find a buyer, nationalisation is like to best protect taxpayers' money. What happened in the case of Northern Rock was mismanagement by the company on a grand scale coupled with the financial crisis that had engulfed the US mortgage market.This should hopefully be a temporary solution and provide the necessary stability for the Northern Rock to be a viable bank again. Yes, shareholders' will have lost out in terms of the share value but the alternatives could have been far worse and if the bank had collapsed it would've had widespread ramifications for the whole financial market and the UK banking sector. This option was effectively the only one that was viable.In terms of Gideon Osborne and David ...
By: Technology rules
Union calls for Northern Rock?s former management team to face investigatio
2008-03-27 09:02:00 Trade union Unite has called for the previous management team at Northern Rock to face investigation in the wake of a self-critical report into the crisis by the Financial Services Authority. The City watchdog conceded that
UK regulator toughens act after Northern Rock failings
(Reuters)
2008-03-27 07:46:00 By Clara Ferreira-Marques ...
Northern Rock promises to work with unions to minimise impact of job losses
2008-03-18 18:14:00 Northern Rock's new chairman Ron Sandler has promised to "work sensitively" with staff and t
Bloomberg.com: Northern Rock Pulls Out of Subprime Mortgage Market in U.K.
2008-03-10 22:33:00 March 10 (Bloomberg) — Northern Rock Plc, nationalized by the U.K. government last month, will stop selling subprime mortgages in Britain. The bank will stop selling the loans today, though applications submitted before will be processed, the Newcastle, England-based lender said in a statement today. Northern Rock, bailed out by the Bank of England after it ran ...
By: cheap home loans
[IMG Northern Rock branch]
2008-03-10 11:01:00 MPs vote on Rock shares valuation The Government will kick-start the valuation of Northern Rock shares this week when the order to appoint a valuer is put through Parliament... More recent articles from this section Sir Paul to cash £200m for iTunes
By: mini wisdom
Northern Rock Cartoon
2008-03-05 18:37:00 If I'd not been on a sabbatical over the new year then this is the cartoon I would have drawn. Not exactly cutting edge topical right now, although it's still on going. I just can't believe this on hasn't been done before. As always with these things, drawing this has also given me a much better idea for a Northern Rock cartoon. You'll have to wait a while to see that one. Next cartoon might be about digging holes, but it definitely won't be about fridges. The fridge thing was a little over done.
Northern Rock staff look to main rival Newcastle Building Society for jobs
2008-03-03 11:00:00 Axe-threatened Northern Rock employees are flooding to the troubled bank's main rival, Personnel Today can reveal. Newcastle Building Society (NBS) has seen a huge rise in job applications and enquiries from North
Northern Rock Shareholders Attack Compensation Plan
2008-02-26 12:57:00 Since the Treasury's decision last week to nationalise Northern Rock a group of shareholders have viciously attacked the compensation plan set out for investors calling it "grossly unethical".
Northern Rock HR must now comply with public sector laws
2008-02-25 11:53:00 Northern Rock may have to make major changes to its HR policies to ensure the newly nationalised bank complies with public sector employment law, an expert has warned. HR professionals at Northern Rock face the sudden pros
Too funny - failed (and now nationalized) UK bank Northern Rock FINALLY pul
2008-02-23 01:44:00 Want a house worth $500,000? Northern Rock would loan you $625,000. Party time!!!Then, of course, you simply default, and enjoy the proceeds! Meanwhile, the UK taxpayer is fuc*ed.Please tell me one day that they'll put the bankers who did this in jail. Northern Rock pulls plug on 125% mortgagesIn an effort to limit its risky lending, Northern Rock yesterday pulled its Together mortgage range, which offered a loan to value (LTV) of up to 125 per cent.The range, launched nine years ago, proved popular with first-time buyers as it allowed them to combine a mortgage and personal loan to borrow more than the amount their property was valued at.
By: Housing PANIC
Northern Rock Finds a Place in the Government's Nest
2008-02-22 19:44:00 The fate of Britain's fifth largest mortgage lender, stricken by the global credit crisis, no longer hangs in the balance, as the British Parliament approved a bill nationalizing Northern Rock. The banking bill allows the government, for a period of 12 months, to nationalize an ailing financial institution if it poses a "serious threat" to the stability of Britain's financial system. read more in hotstocked.com
Northern Rock staff get strong backing from Unite general secretary
2008-02-22 10:05:00 Unite general secretary Derek Simpson is this morning meeting with Northern Rock workers in Newcastle and Sunderland as the trade
Bill To Nationalise Northern Rock Will Go Before Parliament
2008-02-20 09:39:00 This week the bill to nationalise Northern Rock will go through parliament following the government's announcement on Monday to put the troubled bank into "temporary public ownership."
New Government Deceit, Walker Resigns, Northern Rock Nationalized, Private
2008-02-19 19:12:00 by Addison Wiggin & Ian Mathias Markets back on the rise… but a long-term trend is yet to reverse On the verge of recession, U.S. government moves to shut down economic stats site U.S. comptroller general resigns… how Walker?s new role will affect you, and maybe I.O.U.S.A. U.S. banks borrow $50 billion, U.K. bank gets nationalized… more proof ...
Northern Rock To Be Nationalised
2008-02-19 10:49:00 Sunday 17th February Chancellor Alistair Darling announced the government's decision to temporarily nationalise Northern Rock bank.
Gordon Brown fights backlash over Northern Rock nationalisation
2008-02-19 00:17:00 British Prime Minister Gordon Brown defended his reputation for sound economic management on Monday in the face of mounting criticism over his decision to nationalise ailing bank Northern Rock.8 Vote(s)
By: Market Buzz
Northern Rock nationalization faces criticism
2008-02-19 00:17:00 Read full story for latest details. 7 Vote(s)
By: Market Buzz
Northern Rock ?temporarily? nationalized
2008-02-18 20:47:00 Full story here. Don’t wait for your stocks and mutual funds to get ‘nationalized’ right out of existence. Trade with ShadowTraders, make your money fast, and keep it. “Northern Rock, the troubled British bank, is to be nationalised, the UK Treasury announced Sunday. The decision ends months of efforts to find a private sector rescuer for the ...
Pound recovers some lost ground following Northern Rock inspired falls
2008-02-18 19:08:00 LONDON (Thomson Financial) - The pound recovered some ground but remained sharply lower on the day after the UK government's plans to nationalise Northern Rock. With other major currencies range-bound in quiet trade due to the US public holiday, the pound has been in focus following yesterday's surprise decision by Chancellor of the Exchequer Alistair Darling to take the troubled mortgage lender into public ownership. Earlier the pound fell to a two-week low against the euro of 0.7521 stg and a one-week low against the dollar as news the stricken bank will be taken into public ownership heightened investors' concerns about the prospects for the UK economy. "The pound was sold from today's European open, on the back of the continent's absorption of yesterday's Northern Rock nationalisation announcement," said Robert Howard, analyst at Thomson IFR Markets. Meanwhile, relatively downbeat comments from Bank of England rate setter Tim Besley also weighed on the UK currency. The...
By: Free forex
Nothern Rock Nationalisation - and the winner is, well, no-one
2008-02-18 18:40:00 The Government is finally going to nationalise Northern Rock. It’s “the right move at the right time for the right reasons”, according to Prime Minister Brown. This might be a true statement, if you constrain yourself to looking at this morning’s decision in isolation. Of course, the courts might yet decide that it was a really bad decision, ...
Brown fights backlash over Northern Rock
(Reuters)
2008-02-18 14:54:00 Reuters - British Prime Minister Gordon Brown defended his reputation for sound economic management on Monday in the face of mounting criticism over his decision to nationalize ailing bank Northern Rock. Read More ?
Northern Rock Revises Bid Offering Government 10% Stake
2008-02-18 11:14:00 In an attempt to win the Treasury's support, Northern Rock's in-house management team has revised the terms of its bid by offering the Government a 10% stake in the once-troubled bank.
Crisis measures for Northern Rock
2008-02-18 06:41:00 Emergency legislation is to be introduced to temporarily nationalise the stricken Northern Rock bank.
By: Get rich
> Britain Nationalises Northern Rock
2008-02-18 03:40:00 Britain said on Sunday it will nationalize ailing mortgage lender Northern Rock (NRK.L) for a temporary period as it was not in the taxpayer’s best interests to sell it to the private sector now. if(window.yzq_d==null)window.yz-q_d=new Object(); window.yzq_d[’S3dPz0LEYrg--’]=’&U=13bne44-jh%2fN%3dS3dPz0LEYrg-%2fC%3d637-115.12294018.12696360.1414694%2-fD%3dLREC%2fB%3d5177533′;- “In the current market conditions we do not ...
Northern Rock to be nationalized
2008-02-17 21:29:00 Read full story for latest details. 6 Vote(s)
By: Market Buzz
Britain nationalises ailing Northern Rock
2008-02-17 21:29:00 LONDON (Reuters) - Britain decided to nationalise Northern Rock on Sunday, abandoning a five-month attempt to snare a private sector buyer for the ailing bank and piling more pressure on Prime Minister Gordon Brown. 9 Vote(s)
By: Market Buzz
Northern Rock to be nationalised
2008-02-17 17:46:00 BBC says, "Northern Rock hit difficulties because of the credit crisis Northern Rock is to be nationalised as a temporary measure, Chancellor Alistair Darling has said. A consortium led by the Virgin group was leading bids to run the beleaguered bank, while a management buyout had also been considered. But ministers have decided that nationalisation - the first such move since the 1970s - was the only option."They felt that the offers on the table did not offer enough to the taxpayer," BBC business editor Robert Peston said. The decision will be a blow to the bank's shareholders - who will receive next-to-nothing in the short term for their shares "It's a momentous moment. Nationalisation has become a dirty word associated with industrial failures of the past," Mr Peston went on. "Financial services, by contrast, have been considered the great British success story - so for such a seemingly growing bank to end up being nationalised is a big moment for the City and a big moment for...
By: Christian Quoter
Northern Rock - Shareholders Are Not Seduced By Virgin
2008-02-16 17:43:00 The future of Northern Rock, the beleaguered UK bank still remains uncertain after the deadline of 4 February 2008 for bids from interested parties. The UK government is seeking to convert the estimated GBP25 billion of loans into bonds which will be sold in the open market. In order to make these bonds ...
By: Personal Finance
Virgin Group's Plan to Cut Jobs At Northern Rock
2008-02-08 09:54:00 This Monday marked the deadline for all interested parties in the running for the Northern Rock takeover bid to put forward their rescue plans.
Virgin Pursues Northern Rock
2008-02-04 22:13:00 Private equity firm Olivant quit the race today to rescue stricken mortgage lender Northern Rock, putting Richard Branson's Virgin Group into the leader's position in the battle. Virgin said it planned to inject 1.25 billion pounds ($2.73 billion) of new equity into Northern Rock as part of its rescue plan for Britain's most notorious casualty of the global credit crisis. " read more in hotstocked.com
Deadline Day For Northern Rock Bids
2008-02-04 12:17:00 This Monday, 4th February, marks the deadline set by the government for all interested buyers to make their final offers in the running of the Northern Rock takeover bid.
Northern Rock Still Borrowing From The Bank
2008-02-01 12:39:00 The Northern Rock borrowing total from the Bank of England continues to rise, as the Bank’s ‘other assets’ – where the Rock loans appears – went up by £2.2bn in the last week. That is the amount Rock sold its Lifetime Portfolio of mortgages to JP Morgan a fortnight ago, so it ‘other assets’ are all Northern Rock for last week, that sale has been wiped out.Northern Rock shares have increased in value as hopes of a private buyer have gone up, but MPs are set to launch an attack on the way regulators – in particular the Financial Services Authority (FSA) – have handled the situation. Earlier in the week shares in Northern Rock soared by almost 50% as the City looked well on the Government’s private sector rescue plans. The Treasury says it will underwrite more than £25bn of bonds issued against Northern Rock's mortgage books, which makes the ailing bank more appealing than at any time since it went to the Bank of ...
Northern Rock Still Borrowing From The Bank
2008-02-01 12:39:00 The Northern Rock borrowing total from the Bank of England continues to rise, as the Bank’s ‘other assets’ – where the Rock loans appears – went up by £2.2bn in the last week. That is the amount Rock sold its Lifetime Portfolio of mortgages to JP Morgan a fortnight ago, so it ‘other assets’ are all Northern Rock for last week, that sale has been wiped out.Northern Rock shares have increased in value as hopes of a private buyer have gone up, but MPs are set to launch an attack on the way regulators – in particular the Financial Services Authority (FSA) – have handled the situation. Earlier in the week shares in Northern Rock soared by almost 50% as the City looked well on the Government’s private sector rescue plans. The Treasury says it will underwrite more than £25bn of bonds issued against Northern Rock's mortgage books, which makes the ailing bank more appealing than at any time since it went to the Bank of ...
UK May Buy Northern Rock for Later Resale - Part 4
2008-01-29 08:51:00 Shareholder Proposals Northern Rock had a 20 percent decrease on the market, Tuesday. This means it closed down. The loss was 13.25 pence at 69.25 pence. The shares of the company are also down by 94 percent when looking at numbers from a year ago. The total value of the company is now at 291 million ...
UK May Buy Northern Rock for Later Resale - Part 3
2008-01-28 11:10:00 Reduction of Uncertainty The bank employees and depositors need to have some type of reassurance regarding the banks stability. Since the UK is trying to decide what will be best for the company, there are many who are worried about their funds as well as their jobs. In the preliminary vote, completed by the House of ...
UK May Buy Northern Rock for Later Resale - Part 2
2008-01-27 15:54:00 Northern Rock Bail Out Northern Rock has been bailed out by the UK Treasury as well as the Bank of England. In September when the company began to have trouble due to the US subprime mortgage collapse the Bank of England had to step in. Since the US drove up the market credit costs the bank ...
UK May Buy Northern Rock for Later Resale - Part 1
2008-01-26 14:28:00 Released on January 16th was a discussion as to the UK purchasing the bank Northern Rock and moving it from the private sector into the public domain. The company has been in troubled waters since last year when it was ripe for takeover. The subsequent credit crunch didn?t help the new owners any and therefore the ...
The Government?s Northern Rock Proposals
2008-01-25 11:02:00 Monday's Government proposals for Northern Rock's rescue package sent the ailing bank's shares up by almost 50%, as news that the UK taxpayer is to support the bank to £25bn for up to five years came through.
Needed: Big book with the words ?DON?T PANIC? printed in friendly type on t
2008-01-23 19:09:00 UK readers “of a certain age” will no doubt remember the book of which I’m talking, but if ever there were a need for the cover, it is now. The BBC’s Robert Peston has provided a summary of a speech by Mervyn King, the Governor of the Bank of England. As Mr. Peston says: Mervyn King said that ...
Isn?t banking a peculiar type of world? A case in point: Northern Rock
2008-01-22 09:48:00 The events surrounding the slow death of the Northern Rock mortgage bank get more and more surrealistic by the day. Back in July last year it was actually the leading mortgage lender in the UK with 19% of the entire market for new mortgages sold in the first half of the year. Bearing in mind that ...
A staggering amount of money for Northern Rock.
2008-01-21 20:53:00 Dear Mr. Chancellor, The Northern Rock employs 6,500 people, most of them in marginal constituencies. You have just promised £25,000,000,000 of public money to keep them employed, as a loan that you only get back if the business ends up doing well. That works out at almost FOUR MILLION POUND PER JOB SAVED. If the business tanks, you will ...
Between Northern Rock and a hard place
2008-01-19 14:38:00 The current fluster over how to solve the crisis at Northern Rock indicates the degree of economic fetishism surrounding privatisation and nationalisation. read more
By: Ekklesia
Northern Rock Looks Set To Be Nationalised
2008-01-16 11:36:00 Shareholders of Northern Rock are due to meet this week to try and prevent nationalisation which is looking increasingly like the likely solution. The Government has appointed a senior trouble-shooter from the City to act as chief executive and he will be looking to lead a rescue for the bank which will funded by the UK taxpayer.
UK seeks Asian investors for Northern Rock-London
2008-01-12 00:20:00 UK seeks Asian investors for Northern Rock-London Govt looks to China, Mid-East to help fund a takeover (LONDON) The British government is seeking help from backers in Asia and elsewhere as it tries to widen the net for potential rescuers of stricken bank Northern Rock. A person close to the deal told Reuters on Thursday that Goldman Sachs, the US investment bank advising the government on Northern Rock’s options, was now seeking investors in China and the Middle East to help fund a takeover. Another source close to the matter said the investment bank was also considering a plan to convert the Bank of England’s (BOE) loans to Northern Rock into bonds for sale to investors. Northern Rock is Britain’s biggest casualty of the global credit squeeze and is estimated to have borrowed about £26 billion (S$72.7 billion) from the Bank of England since it was forced to seek emergency loans in September. Finance minister Alistair Darling said finding a private-sector solutio...
Northern Rock Nationalisation? My off-the-wall solution :-)
2008-01-08 20:40:00 Of all the reports about Northern Rock over the last six months, the one that has consistently impressed me most is Robert Peston, of the BBC. In the latest twist, Robert reports that SRM, a Hedge Fund who currently own about 10% of Northern Rock have written to the Government, making it clear that if the ...
The UK Chancellor is planning to give more power to the FSA in the wake of
2008-01-04 15:10:00 [This blog post is also available as a video - click here to watch.] Alistair Darling, the UK Chancellor, is intending to give more power to the Financial Services Authority (FSA), to help prevent a repeat of the Northern Rock fiasco. The plans aren’t finalised yet, because Mr. Darling has promised three months of consultation with the ...
The Real Cost of Northern Rock and This Fiat Currency System
2007-12-30 10:02:00 Paul Tustain, the Director of BullionVault, recently pointed out that the real cost of Northern Rock to the British taxpayer is $10,000 per household. We view this as utterly ridiculous, that taxpayers money is being used to prop-up a private business, but we have voiced our opinions on the Northern Rock saga in a previous ...
By: Gold Prices
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