28-09-2008, 04:00 PM
(This post was last modified: 28-09-2008, 04:11 PM by David Guyatt.)
Toxic mortgages - a.k.a "Wall Street wrapped-crap" - take another taxpayer scalp. And do we continue on the path of nationalizing losses and bad debts
whilst remaining supine about the privatization of profits.
The foregoing criticism should not be construed as a leftist protest, but is simply a statement of intense frustration that the 1980's banking regulatory system - or rather the overwhelming lack of it - which was summated in that famous gloating twaddle phrase of the Prime Minister Margaret Thatchler that: "markets will regulate themselves", has been the key to recent events. Sheer greed cannot be expected to, nor will it ever regulate itself.
My money remains on the probability that whatever regulation is forced into existence following the recent "Shock & Awe" events, is likely to be more cosmetic than clout.
***
http://news.sky.com/skynews/Home/Busines...9415108531
High St Bank To Be Nationalised
Sunday September 28, 2008
Troubled mortgage lender Bradford and Bingley is to be nationalised, with the bank split up and its assets sold off, Sky sources say.
Bank will be broken up and sold to several buyers
The deal is expected to be confirmed before the London Stock Exchange opens on Monday morning.
But with around £40bn of loans being bought up by the Government, the taxpayer will be footing the bill.
The bank looks set to become the latest victim of the global credit crunch, which has paralysed the world financial system.
A move to cut 370 B&B jobs and sell off most of the toxic mortgage-backed investments hit by the crunch failed to stop its shares sliding this week.
The share price has plunged from around £2 a share two years ago to about 20p now.
B&B is in discussions with the so-called Tripartite Authority - the Treasury, Financial Services Authority and the Bank of England - over the potential bail-out.
The Government is reportedly set to nationalise B&B's loans, which include home loans of £41bn.
It is thought the Treasury will sell B&B's 200 branches and its savings business to other banks. That is set to mean more job losses.
Around 3,000 people currently work for the lender.
whilst remaining supine about the privatization of profits.
The foregoing criticism should not be construed as a leftist protest, but is simply a statement of intense frustration that the 1980's banking regulatory system - or rather the overwhelming lack of it - which was summated in that famous gloating twaddle phrase of the Prime Minister Margaret Thatchler that: "markets will regulate themselves", has been the key to recent events. Sheer greed cannot be expected to, nor will it ever regulate itself.
My money remains on the probability that whatever regulation is forced into existence following the recent "Shock & Awe" events, is likely to be more cosmetic than clout.
***
http://news.sky.com/skynews/Home/Busines...9415108531
High St Bank To Be Nationalised
Sunday September 28, 2008
Troubled mortgage lender Bradford and Bingley is to be nationalised, with the bank split up and its assets sold off, Sky sources say.
Bank will be broken up and sold to several buyers
The deal is expected to be confirmed before the London Stock Exchange opens on Monday morning.
But with around £40bn of loans being bought up by the Government, the taxpayer will be footing the bill.
The bank looks set to become the latest victim of the global credit crunch, which has paralysed the world financial system.
A move to cut 370 B&B jobs and sell off most of the toxic mortgage-backed investments hit by the crunch failed to stop its shares sliding this week.
The share price has plunged from around £2 a share two years ago to about 20p now.
B&B is in discussions with the so-called Tripartite Authority - the Treasury, Financial Services Authority and the Bank of England - over the potential bail-out.
The Government is reportedly set to nationalise B&B's loans, which include home loans of £41bn.
It is thought the Treasury will sell B&B's 200 branches and its savings business to other banks. That is set to mean more job losses.
Around 3,000 people currently work for the lender.
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14