Wednesday, February 20, 2008

The Illustrated Adventures of Vince Cable - redux

Cheers to anon for pointing me towards this

edit: Lord P. waxing lyrical on Vince's adventures



lwtc247 said...

If I may ply my limited understanding it seems to me like 'ecomomic quadruple jeopardy!'

Yesterday, we learnt from the John McDonnell (part of the excellent Investigate bLiar and his dirty murderous cabal - and from Vince Cable (Unfortunately not the leader of the LD's) in Parliament that NR's family jewels were put into Granite, to avoid tax, a money hole. The Govt then poured billions into it to stop NR from collapsing (BBC says total Govt. Liability is now 90.7 bln @#$@#$!!!) - a second money hole. Now the Govt wants to fully nationalise NR - a third money hole, and today, shareholders announce they are going to sue the Govt - a fourth money hole.


How Yvette Cooper (Chief Secretary, HM Treasury, Murderous Fascist activist, voting record virtually identical to piggie Peter Hain) can stand there and do what Darling (in recuperation after recent bruisings) should be doing I don’t know.

And here was me thinking that the 'offshore' scam would come about by selling it to a foreign company. How stupid I was. They offshored it BEFORE the collapse.


Stef said...

of course, the really interesting question is how many other fucked up banks are there out there with similar arrangements

and if you ever meet someone who has the cheek to tell you in the flesh that no-one in the banks could have anticipated a collapse like Northern Rock's or <insert your favourite next likely candidate here> pinch them - really really hard.

These fuck ups were anticipated and provided for. It's not even beyond possibility that these fuck ups were deliberately engineered

Stef said...

and the shareholders can go fuck themselves

Lord Patel said...

Anyone in the City knows that the only reason why (say) Barclays Accounts aren't entered for the Booker prize is that it would no longer be possible to maintain the fiction of banks balance sheets and hoodwink the paying public.

When Shell can misunderstimate their revserves and restate them by 40%......

Judging by the dribble of write offs of UK banks (Brad & Bing, Barclays ) so far, compared with the savage slashing and burning ( and defenstration of CEOs in the US)across the pond and in land of the cuckoo clocks one suspects that Lord King has tipped the wink that a lengthy and orderly and wholly fictional of writedowns will eb allowed maintain "stability of the markets" etc.,

Intersting point about balance sheets.. NR produced Interims 26 calendar days after the half year end (albeit, handly unaudited) and it wil be 2 days from the Y/E 2008 of NR on the morrow....meeting the City rule that bad news always tkes longer to produce than good news (or vice versa).

So of course now that NR is part of the smoke and mirrors of the National Accounts and so nobody (not even on £1 Mn a year) will have to stand up and explain to the raging shareholders what the assets are and how the valuation has been calculated and how and why it varies from the figures used to illustrate the half year fairy story / Accounts.

Our advice to Mr Applegarth and his co-Directors (and that lovely lady from Buy to Let) would be to renew their passport for 10 years, regisr all their assets in the wife's name and then get their arse out of the UK and find a hidey hole somewhere where the long arm of Inspector Knacker won't reach.

Northern Turkish Cyprus,South Ossetia, Abkhazia, Basquetland, maybe even secessionist Northern Serbian Kosovo by next weekend.

Lord Patel said...

ooops ....52 days from the year end..... This bloody keyboard will not spell correcly and it's innumerate.

Anonymous said...

"It is clear from much of the debate that I have heard that the Government's case for the nationalisation of Northern Rock and for the Bill lies in tatters. It has been cruelly exposed, not least by the exchange about the assets in Granite. We can win debates and arguments in the House and lose votes." - 11:30 pm John Greenway.

Also, consider whether or not this has been explained on TV.

Stef said...

Also, consider whether or not this has been explained on TV.

there's no need

this is all clearly just a classic schoolboy error, a case of cock-up, not conspiracy, and the result of stochastic global forces which are under no-one's control... etc etc

Anonymous said...

"...the result of stochastic global forces ..."

Here's the paper we're all thinking about, "The Dawning of the Age of Stochasticity".