northernrock   25

Gordon Brown - Where Did It All Go Wrong ? - YouTube
Crash Gordon ( The Financial Crisis) - youtu.be/NL8A2fi3ols - the city generated 1/4 of all corporation tax income at its height! the city as a cash cow, that money was being redistributed into public & social services during the heyday. public spending increased from 40% of GDP to 48 (supported by the city cash cow). & the illusion 2 have a grip on boom & bust. convinced by 10 years of non-inflationary growth of the economy (thinking that labour made it). // BOE gov king was more concerned with the moral hazard of bailing out bad players (northern rock at this time) than with financial stability. northern rock was taken into public ownership under gordon brown. // 3 of the 5 largest banks in the world are British banks & each of them has a balance sheet larger than the uk economy. we are talking 5 times the British economy being the responsibility of the British tax payer. // & leading up to that infamous G20 meeting mervynking said there is no fiscal space 4 expansion
GordonBrown  GFC  bank  bailout  Labour  Party  economic  history  political  economy  political  error  political  theory  UK  NorthernRock  Career  Politicians  MervynKing  BOE  FSA  Positioning  Tories  Conservative  Party  George  Osborne  Vince  Cable  austerity  fiscal  policy  fiscal  stimulus  monetary  policy  monetary  theory  G20  tax  evasion  tax  avoidance  expense  scandal  Westminster 
january 2016 by asterisk2a
Long-awaited HBOS bank report to be published - BBC News
A long awaited report co-authored by two regulatory bodies - the Bank of England's Prudential Regulation Authority and the Financial Conduct Authority - is out on Thursday. It is hoped the report will shed more light on the reasons behind the demise of HBOS bank. Yet, how could HBOS, the result of a merger of a traditional building society and a prudent Scottish banking institution, go so wrong so quickly? The marriage between the Halifax Building Society and The Bank of Scotland was valued at £30bn, but it collapsed just seven years later - with all of that value completely wiped out. HBOS became part of the Lloyds Banking Group and needed a £20.5bn injection from UK taxpayers to prevent it from crashing.
HBOS  Lloyds  loydstsb  bank  bailout  GFC  UK  economic  history  banking  crisis  investment  banking  retail  banking  NorthernRock  RBS 
november 2015 by asterisk2a
Top Headlines: NY FED Aware of Libor Issues - YouTube
+ http://www.youtube.com/watch?v=pPsP-CnnaaM

“In the context of our market monitoring following the onset of the financial crisis in late 2007, involving thousands of calls and e-mails with market participants over a period of many months, we received occasional anecdotal reports from Barclays of problems with Libor,”

“In the spring of 2008, following the failure of Bear Stearns and shortly before the first media report on the subject, we made further inquiry of Barclays as to how Libor submissions were being conducted,” the statement said. “We subsequently shared our analysis and suggestions for reform of Libor with the relevant authorities in the U.K.”
greatrecession  GFC  NorthernRock  bearstearns  LIBOR  rigging  scandal  barclays  BBA  BOE  FSA  Fed  NYFed 
july 2012 by asterisk2a
BOE Minutes Show Tucker Aware Of Libor Fixing Claims In 2007 | ForexLive
BOE Minutes Show Tucker Aware Of Libor Fixing Claims In 2007
- Tucker Chaired Nov 2007 Meeting At Which Libor Rigging Was Discussed

Bank of England Deputy Governor Paul Tucker, long the BOE’s leading internal candidate for the top job when Mervyn King’s
term comes to an end at the middle of 2013, was fully aware from the early days of the financial crisis that market participants believed Libor was being rigged.

The minutes of a money markets group meeting chaired by Tucker himself back up what a participant recalls privately, that there were frank discussions dating back to 2007 involving Tucker about banks submitting Libor rates below actual rates.

“Several group members thought that Libor fixings had been lower than actual traded interbank rates through the period of stress.”

They add a cautionary note, saying “Libor indices need to be of the highest quality given their important role as a benchmark for corporate lending.”

**
Everything was on the table to stabilise markets.
henrypaulson  benbernake  Fed  NYFed  NorthernRock  moralhazard  Willful  ignorance  trustagent  trust  banking  crisis  bank  crisis  credicrunch  GFC  2007  2008  collusion  fraud  misconduct  BBA  BOE  bobdiamond  barclays  PaulTucker  EURIBOR  LIBOR 
july 2012 by asterisk2a
Branson's Empire to Buy Bank Owned by Britain - NYTimes.com
The British government agreed on Thursday to sell Northern Rock, the lender it nationalized more than three years ago, to Virgin Money, which is controlled by Richard Branson, in a deal that represents a loss for Britain’s taxpayers.

The government is to receive £747 million ($1.18 billion) in cash, and the total proceeds could reach as much as £1.03 billion if certain conditions are met. That compares with the £1.4 billion the government injected into the retail bank in 2010 after it split Northern Rock into two.
UnitedKingdom  business  economy  NorthernRock  VirginMoney  RichardBranson  politics  bank 
november 2011 by jtyost2
Bank of England advisers 'not told about secret £62bn bank bailout' | Mail Online
A failure to communicate
-- bailout, secrecy.
-- proves again, that gov is ineffective
HBOS  bailout  uk  BoE  MervynKing  2008  2009  NorthernRock  communication  failure 
december 2009 by asterisk2a

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