UK Financial Investments said it has agreed to sell 100pc of Northern Rock to Virgin Money for £747m in cash immediately, but this could potentially rise to around £1bn.Marvellous. Just fucking marvellous. Memo to Gordon Clown, and of course also to his blinky pet Ed Balls who sadly did quite not lose his seat in the election:
Under the deal, another £50m is “expected” to be paid within six months. The Treasury will also benefit by up to £80m if the bank floats in the next five years and retain £150m of Tier 1 capital notes.
Northern Rock, which signalled the start of the financial crisis in Britain when it collapsed in August 2007, is the first bank to be returned to the private sector.
The Newcastle-based lender received a £1.4bn bail-out when it was nationalised in February 2008 at the height of the credit crunch. So on paper, taxpayers end up with a loss of £400m, but this could rise to £650m.
This is why you should have let Northern fucking Rock go to the wall,
you witless pair of financially incompetent cunts.
Happily for them, though miserably for everyone else, they're not alone.
George Osborne said the deal was a “good thing” for taxpayers, consumers and the banking system.Did he say that? Did he really fucking say that? The Chumpcellor of the fucking Exchequer thinks that losing nearly half a billion quid, and possibly as much as two thirds of a billion, is a good thing. Has Gordon Brown got his fist up George's arse and is making his mouth move or something? That's got to be the most retarded thing to come out of the mouth of the finance minister of an industrialised nation since some fucktroon decided to sell nearly 400 tons of gold near a long term low in its value, and then fucking announce it in advance so the price fell even further. Oh, and that was a British one too, wasn't it? Come to think of it, it was... well, we all know only too well, don't we?
And although it wasn't quite on the scale of the billions and billions Gordon flushed away when he dumped gold at a historic low, which his mouth may well have helped make lower, Boy Georgie thinks it was a good thing for taxpayers to lose another half billion or so. Yes, the Cobbleition inherited the situation, and yes, it was Gordon, his badger faced sock puppet and Ed Bollocks who made the incredibly bad decision to bail out a bank that deserved to fail rather than just make sure of the investors' statutory protection. And yes, in that position you have to take the best offer you're going to get, and this is probably better than it might have been. But to have the new-ish Chumpcellor stand there saying it's anything than the loss of another half a billion pounds, perhaps more, is anything other than a colossal fuckup due entirely to the headless chicken panic response of the previous government is at best not very politically astute and at worst an indication that he's every bit as fucking stupid as they were.
And of course it's not over yet because only the good bit of Northern Rock was sold, which is presumably why they only got £747m for it. Oh, no what we can still think of as Northern Wreck is still there. And it's got company.
In January last year the company was split into a “good bank”, which Virgin has bought, and Northern Rock Asset Management, the “bad bank” of closed mortgages and unsecured loans which remain in Government ownership.And I don't doubt that if or when RBS, Lloyds Group and B&B are sold back into the private sector at a further loss to the taxpayers Georgie Lame will say that's a good thing too. It's good that it's over, but in all other respects it's hard to find anything good to say about the taxpayers having to drop their trousers and grip their ankles yet again because the fucking Treasury (along with most or all of the rest of government) has got next to no fucking clue how to spend money wisely and thinks there's an inexhaustible supply of it.
As well as Northern Rock’s “bad bank”, UKFI still owns Royal Bank of Scotland, Lloyds Banking Group and Bradford & Bingley.
Jesus Christ on a borrowed bicycle, the place is fucking doomed.