HowardNorthern Rock n Roll, But I Like It
the Rolling Stones, on Rolling Stone
If you kept bailing out a bankrupt bank;
With billions endlessly;
Would it freak out even the Brits;;
Waste of mon-oney;
I know it only Northern Rock;
But it's bankrupt;;
No one else, wants to buy it;
Cause it's bankrupt, bankrupt, Yes it is.
But, I like it; said the Bank of England;
To waste billions;;
I like it.....:
Rolling Stones pix at Really Long Link
http:// www.rollingstone. com/news/story /7605361/back_with_a_bang
The leader of the Liberal Democrats in the British Parliament called on Nov. 20 for the British government to stop endless bailouts of the stricken Northern Rock Bank's mortgage investments, and either take temporary control of the bank to stabilize it, or close it down.
Liberal Democratic leader Vince Cable recommends the option of government protection of the bank under temporary government control, but, he says, that even closing it down would be better than continuing the attempted bailout of its mortgage-backed assets, which has already reached at least $48 billion and perhaps more, and has had no effect. This $48 billion is entirely separate from the $36 billion which has been necessary to insure Northern Rock's deposits after a mass run on the bank developed.
Cable points out that the various "offers" of interest to buy the large, failing bank, from other banks have failed. Even the loan sharks at Cereberus, the hedge fund, refused to be bribed into making the deal. Northern Rock seems to have an endless supply of bad real estate loans and mortgages. At one point they were selling one-fifth of the mortgages in the UK.
