The Crunch: The Scandal of Northern Rock and the Escalating Credit Crisis
Bloggers4UKIP (Free subscription) | yesterday
In a bizarre piece of grandstanding, Alistair Darling has told the European Empire not to regulate the financial sector in London despite being one of the most vocal proponents of EU regulation of the financial sector. The European Empire's interference in the financial sector has already been disastrous for our economy. The collapse of Northern Rock and the subsequent deep recession that we
The Observer (Free subscription) | 4 hours ago
Yorkshire's chief executive to run enlarged building society The Yorkshire and Chelsea building societies confirmed they would be merging in a move that would create "a second major force" in the sector behind Nationwide, but which will see branches closed and jobs cut. Chelsea, which made a £19m loss in the first half of this year, and has been buffeted by a £41m mortgage fraud...
Labourlist (Free subscription) | yesterday
By Alex Smith / @alexsmith1982 I was in a meeting during PMQs today - hence no LiveChat this week - but I've just watched the recording and I have to say the Prime Minister looks like a man emboldened. The PM largely dominated the discussion, which was on his terms and had Cameron against the ropes. At all the right times, Brown was composed, confident and in control. He was informed and substantive,...
The Guardian (Free subscription) | yesterday
Campaigners criticise proposed foreign partnership with Bank of Ireland Millions more people on lower incomes will be able to open a bank account, get a mortgage and qualify for cheaper direct debit fuel tariffs under government plans being unveiled today to turn the Post Office into the "People's Bank". The government also wants it to reintroduce a children's savings account. But campaigners...
LATICONOMICS (Free subscription) | 4 hours ago
Bigger than you thought How some shareholders lost out, and all must be wiser in future TWO years ago when Northern Rock, a mortgage bank, was teetering on the brink, the financial authorities considered keeping it afloat with secret emergency lending. Mervyn King, the governor of the Bank of England, would have liked to do it, he said later, though others say that initially he may have underestimated...
The Independent (Free subscription) | yesterday
Outlook The building society movement, by and large, has had a good credit crunch. While many of the poster boys of the financial crisis have been former mutuals that chose to convert to banking status during the Nineties – Halifax, Northern Rock and Bradford & Bingley – the larger societies have escaped relatively unscathed. Just one small society, the Dunfermline, was the subject...
Indian Express (Free subscription) | 01/12/2009
Two years ago when Northern Rock, a mortgage bank, was teetering on the brink, the financial authorities considered keeping it afloat with secret emergency lending. Mervyn King, the governor of the Bank of England.
The Guardian (Free subscription) | 01/12/2009
Focus of National Audit Office report is to be government's huge bill for seeking advice on HBOS and RBS rescue packages The Treasury is to be rebuked this week by the Whitehall watchdog for spending more than £80m on private consultants to advise them on the bailout of HBOS and the Royal Bank of Scotland. The National Audit Office (NAO) report will reveal on Friday that payouts to consultants...
The Guardian (Free subscription) | 29/11/2009
Cameron should forget the deficit for now – concentrating on economic growth is the only way out Don't the younger generation take things for granted? Don't those of us who are no longer young take things for granted? I'm thinking in particular here of cash machines – sometimes known as ATMs or, as my friends at Barclays would have it, the Hole in the Wall. There can be few people who...
pounds-and-pence.co.uk (Free subscription) | 28/11/2009
From This is Money: Bank and building society standard variable rates have plunged to historically low levels. New fixed, tracker and discount deals have recently been slashed as banks and building societies seek to compete with Northern Rock, which itself is desperate to lend to homeowners. However, borrowers should look beyond the headline interest [...]
Life, Liberty, and the Pursuit of Catgirls (Free subscription) | 27/11/2009
Was reading this story in the Spectator tonight, which doesn't make me any more confident of a a Cameron government, but this part struck me; The first is the policy board, a seven-strong Dragons’ Den-style panel where new ideas are tested. Mr Cameron, George Osborne, Steve Hilton, William Hague, Francis Maude, Nick Boles and Oliver Letwin are the permanent members of this committee. Between...
Talk about Newsnight (Free subscription) | 27/11/2009
There is a superb example of the way the government is embracing Web 2.0. I have just seen a tweet from #hmtreasury pointing to the fact that there is now a bunch of photos of 11 Downing Street on flickr. Here they are! If you click through to them you will see a series of the kind of Marie Celeste style photos of stately homes that upmarket estate agents have put online when some member of the aristocracy...
pounds-and-pence.co.uk (Free subscription) | 27/11/2009
Subprime loans accounted for eight percent of the loan in the United Kingdom in 2006, not to mention the United States, where she represented a fifth of the loans on the same, Notes Reuters period. … with bad debts increased, suggesting that some firmsproperly assess the ability of customers to repay loans bad credit. The [...]
The Economist (Free subscription) | 26/11/2009
How some shareholders lost out, and all must be wiser in future TWO years ago when Northern Rock, a mortgage bank, was teetering on the brink, the financial authorities considered keeping it afloat with secret emergency lending. Mervyn King, the governor of the Bank of England, would have liked to do it, he said later, though others say that initially he may have underestimated the seriousness of...
SUBROSA (Free subscription) | 25/11/2009
Economists are like politicians, put a group in a room together and they'll all disagree. Edmund Conway reports that City economists Goldman Sachs and Fathom Financial Consulting are entrenched is an important battle regarding the unexpectedly weak GDP figures produced last month. Goldman says 'The GDP figures were hardly worth the paper they were written on'. Meanwhile Fathom, who insisted that the...
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