Wednesday, June 04, 2008

A secure home for your money with Laurel and Hardy

I've just returned from a few days away from t'Internet, television and the like and have started to catch up on the last few days' of news...

including the totally unexpected (sic.) sell off of bank shares earlier this week - especially holdings in the exceptionally fragrant Bradford and Bingley

Not that the fact that B&B is a fucked up PoS run by crooks came as any surprise to me

Last September an elderly relative I care for very much mentioned to me that she had her entire life savings deposited with B&B and asked me if she should have any reasonable cause for concern.

My response was that she had reasonable cause to shit herself and I moved her loot into a couple of building societies that same day

The writing has been on the wall for anyone with the sense to totally disregard the mainstream media's coverage of the 'credit crunch' for months

The fact that the B&B board, the mainstream media and other banks are pretending that the news that B&B is effectively dead came as a surprise is, in itself, not a surprise

These people are professional thieves and liars and have been busy bullshitting the general public to buy time whilst they move their own holdings away from fucked up banks and related holdings and into commodities

What does surprise me is how so few people have made the obvious connection/ reference between B&B's famous bowler hat focused logos and publicity material and these guys...

And whilst on the subject of B&B and sage advice from the mainstream media this snippet from the Telegraph's Q&A on the B&B farrago made me laugh, and not in a good way...

Is this another Northern Rock?

No. Northern Rock ran out of cash. Bradford & Bingley has plenty - helped by Texas Pacific. It has an estimated £23 billion in savers' deposits, a sum far greater than declared bad debts. B&B's problem is the lack of profits, which alarmed the City, sending shares falling.

Being told that their savings are being used to offset B&B's understated bad debts must come as a tremendous source of fucking comfort to any Muppets still daft enough to still have money lodged with that bunch of shysters


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