Northern Rock to be nationalised

Blow for Brown

The move is a blow to Prime Minister Gordon Brown's Labour government, which already has been criticized for bungling efforts to rescue Northern Rock and angering the business executives with new taxes. It also will expose the government to lawsuits from shareholders of the bank.

``This is the day when Labour's reputation for economic competence died,'' said George Osborne, a Conservative member of Parliament who speaks on Treasury policy. ``Gordon Brown has dithered his way to the disaster.''

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``I am shocked and appalled,'' said Robin Ashby, spokesman for the Northern Rock Small Shareholders' Group in Newcastle. ``It is bad news for the image of Britain as a financial center. The big shareholders may decide to take legal action. Downsizing is inevitable, and we are worried about the jobs.''

" Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful." Warren Buffet

The government would introduce legislation for the move on Monday. UK listing authorities will suspend the company?s shares prior to opening of the London stock market.

The shares, which closed on Friday at 90p, have lost some 90 per cent of their value over the past six months ...

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Sir Richard Branson said that nationalisation was "not the right answer". He said in a statement: "We were very clear the business plan we put forward was robust, conservative but ultimately capable of rescuing the interests of all stakeholders. However we must accept the decision with good grace and hope that the Rock will somehow find better fortune in the future.

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" Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful." Warren Buffet

Inlägget är redigerat av författaren.

Statement by U.K. government on Northern Rock

But it became clear that no institution was prepared to make an offer for Northern Rock without some form of public support because of prevailing market conditions.

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" Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful." Warren Buffet

Inlägget är redigerat av författaren.

northern rock , alla på youtube

Vallejo On Brink Of Bankruptcy

The city of Vallejo is on the brink of becoming the first California city ever to declare bankruptcy, City Council members said Tuesday.Vallejo may run out of cash as early as March, council member Stephanie Gomes said.

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Vallejo is in the Bay Area and has a population of about 120,000 people.

mvh spx970

" Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful." Warren Buffet

Inlägget är redigerat av författaren.