Capitalists @ Work
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Northern Rock: Spin cycle begins
via Capitalists @ Work by CityUnslicker on February 13, 2008
Late last night, (ignoring traditional rules about making announcements prior to the stock exchange opening, but who in the Treasury cares about that) the Government announced that unless Virgin and the Northern Rock management improved their bids, then Northern Rock will be nationalised.Given that the Rock is already on the public accounts, this is a mis-statement at best. The Rock is already...
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The Left in defence of Darling
via Capitalists @ Work by CityUnslicker on February 19, 2008
... most potent line of attack against the chancellor yesterday since the thought behind it carries some economic and political weight. Why, for example, should Northern Rock's more successful rivals suffer competition from a state-backed organisation with access to cheap funding?Exactly.And, if the quality of Northern Rock's loan book is as high as we are told, where would the danger for t...
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Jérôme Kerviel: he was poor, but he was honest ... (?)
via Capitalists @ Work by Nick Drew on February 21, 2008
It's the same the whole world overIt's the poor wot gets the blameIt's the rich as gets the pleasureAin't it all a cryin' shame !Yesterday it was reported that Bob Diamond received a bonus of £ 14.8 million for growing profits at BarCap by £ 1 billion in under 4 years. Seems only fair.But wait, what’s this ?The SocGen enquiry into Jérôme Kerviel’s misdeeds finds that...
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Inflation warning
via Capitalists @ Work by CityUnslicker on February 27, 2008
Over the last few months we have been warning of a sharp rise to come in inflation. Even Rachel Lomax at the Bank of England suggested as much just yesterday.But a revised set of our own is due out later today. Here is the link to the data from last month on producer prices. These are the prices of goods as they are made, so this data provides the best leading indicator of where prices are going...
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Northern Rock opinions
via Capitalists @ Work by CityUnslicker on February 28, 2008
... not surprise me, even though no one thinks we will be shot of it by this time next year (I guess no one is doing the extreme testing of imagining the government being unable to fund continuing operations.....).5 years is about right though as I see it. Even if the bank is sold to the private sector there will be significant Government backing for years to come; 5 years might be optimisitic!
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The Glorious Ninth: Open Season on British Energy
via Capitalists @ Work by Nick Drew on May 10, 2008
... in your back pocket This last statement is rather based on the easy financing conditions of recent years.I am continually probing utilities and other energy co’s on whether the Credit Crunch has bitten them yet, and they all say ‘no’. But I really wonder if this can remain the case indefinitely.If it doesn’t, the lights will go out some time in the middle of the next decade. ND
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Inflation, all the way. (Thanks a bunch, Darling)
via Capitalists @ Work by Nick Drew on May 14, 2008
This excellent video**, from the irascible Karl Denninger, offers a salutory perspective on tax give-aways funded by borrowing at times like this.And to think we once wondered whether it was to be inflation or deflation.(On the subject of individual portfolios, BTW, the Drew household is up to the eyeballs in NS&I inflation-plus bonds. This is not financial advice, just a personal...
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