Sunday, November 18, 2007

Government's duty on Northern Rock

I have read and heard some real bollocks this weekend. Two particular pieces spring to mind:

This morning in an interview on the radio I heard a Labour MP (unfortunately I didn't catch his name as I was driving) say that the Government's priority was to protect jobs. No, no, no and no again. Haven't you fucking idiots learnt anything from the history books, you fucking dimwits? Its only as recent as the 1960's and 70's that Governments poured good money after bad in the pursuit of "protecting jobs" and look where that got us!

I know its harsh and nobody likes seeing people lose their jobs but this institution is well and truly fucked and the Government has one priority and one priority only: to get our tax payers money back as quickly as possible, preferably with the interest paid, but I'll settle for capital only at this stage.

Which brings me to my next point, what the fuck is the Government doing worrying about shareholders, as reported in this article:

"If he (the Chancellor) is prepared to leave the financial prop in place for three years - subject to not falling foul of EU state-aid rules - existing shareholders might recoup some of the losses they've incurred," said Robert Peston, the BBC's business editor.

No, no and thrice no. The shareholders were laughing all the way to the bank when the share price was £12 and good luck to them. But if they were so fucking greedy that they allowed the management to continue with its obviously flawed plan thinking they would make even more money then that's there fault and not mine.

I find myself hoping the EU steps in and forces the Goverment's hand under Competition rules - how desperate is that FFS!

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