bailout   5867

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British Steel's owners charging firm £20m a year in fees and interest | Business | The Guardian
Heuschrecken 2.0 - Loan Shark 2.0 // Meyohas has said he decided to set up Greybull in the wake of the financial crisis, when traditional banks withdrew lending, as he spotted an opportunity to charge higher fees. [...] The Scunthorpe steelworks is one of the last two left in Britain along with Port Talbot in south Wales, after the Redcar facility on Teesside closed in 2015. It supplies steel for customers including Network Rail and supports 22,000 jobs in its supply chain, on top of 4,500 direct employees.

==24hrs later==
British Steel staves off threat of collapse – without state help

[...] British Steel’s private equity owner, Greybull Capital, and its bank lenders are still understood to feel that the government must either agree a Brexit deal that dispels the cloud of uncertainty hanging over the business, or contribute some cash soon.
Heuschrecken  loan  shark  BritishSteel  Private  Equity  UK  bailout 
4 days ago by asterisk2a
Minister hits out at UK property firms over £200m cladding bailout | UK news | The Guardian
self-serving capitalism

Brokenshire’s plan immediately ran into internal opposition when Melanie Dawes, his most senior civil servant, said it was bad value for money for the taxpayer and regressively diverted money to richer parts of the population. She said: “The public benefits of the scheme do not outweigh the costs of this transfer … the proposal does not meet the normal tests of value for money.”
UK  bailout  capitalism  self-regulation  regulators  regulation  CON-servative  Theresa  May  Tories  Conservative  Party 
11 days ago by asterisk2a
Troubled government contractor Interserve agrees rescue deal | Business | The Guardian
Company, which has 45,000 employees in UK, hopes to avoid Carillion-style collapse
Shares in Interserve closed down 1.8% at just under 13p. The company was worth as much as £1bn in 2014, but is now worth a little over £20m.
outsourcing  Carillion  Interserve  bailout  Austerity  UK  Council  Privatisation  NHS 
february 2019 by asterisk2a
Gescheitert ǀ Dreißig Jahre Abwegigkeit — der Freitag
Nun stellt eine UN-Studie klar: Die Rentenprivatisierung ist ein weltweites Debakel
pension  deficit  scheme  Privatisation  bailout  Rentnerrepublik 
december 2018 by asterisk2a
Interserve: Major government contractor 'seeks second rescue deal' - BBC News
One of the UK's largest providers of public services is seeking a rescue deal as it struggles with £500m of debt, according to the Financial Times.

Interserve, which works in prisons, schools, hospitals and on the roads, said it might look for new investment or sell off part of the business.

Workers at the Foreign Office and the NHS are among Interserve's tens of thousands of UK employees.

The government said it supported the company's long-term recovery plan.
Carillion  outsourcing  Privatisation  Interserve  UK  Austerity  Tories  nasty  party  Conservativ  Council  Bailout 
december 2018 by asterisk2a
Tory-run Northamptonshire county council bailed out by government | Society | The Guardian
fire sale of assets
16% of the population is 65+
but eat up half the council budget (elderly care, + adult + child protection)
Council budget from 2010 experienced already 50% cut.
UK  Austerity  bailout  Council  Northamptonshire  Tory 
december 2018 by asterisk2a
Secrets and Lies of the Bailout – Rolling Stone
So what exactly did the bailout accomplish? It built a banking system that discriminates against community banks, makes Too Big to Fail banks even Too Bigger to Failier, increases risk, discourages sound business lending and punishes savings by making it even easier and more profitable to chase high-yield investments than to compete for small depositors. The bailout has also made lying on behalf of our biggest and most corrupt banks the official policy of the United States government. And if any one of those banks fails, it will cause another financial crisis, meaning we’re essentially wedded to that policy for the rest of eternity – or at least until the markets call our bluff, which could happen any minute now.
finance  crash  crisis  bailout  banks  FRB  deception  BernankeBen  PaulsonHank  SummersLarry  reform  regulation  viability  corruption  fraud  secrecy 
september 2018 by petej
Tomorrow is the tenth anniversary of the collapse of 2008 and things are much, much worse / Boing Boing
Nobody covered the Wall Street collapse, bailout, and corrupt resurgence better than Rolling Stone's Matt Taibbi, from giving Goldman Sachs its unforgettable epithet to covering the hearings on the bailouts to documenting the foreclosure mills, to deep dives into the sweetheart deals the banks got; to the revolving door between finance regulators and the finance sector to the rise of Occupy; to the consolidation of financial primacy after the collapse; to the double-standard for criminal justice revealed by the collapse; to the frauds that surfaced after the crash; to the tiny bright spots where bankers were brought to justice; all capped by an incandescent, outstanding book about the crisis and the systematic racial and economic justice it revealed.

Tomorrow is the tenth anniversary of the collapse of 2008, and in the intervening decade, Big Finance has gotten bigger, bankers' bonuses have gotten larger, and we are barreling toward another debt crisis that will make 2008 look like a kid's birthday party.

Writing in Rolling Stone, Taibbi lays out the decade's sordid history: the way that Obama's malpractice gave the banks more power, made the rich much richer, paved the way for a donor class that owns politics so thoroughly that they were able to buy themselves trillions in tax-breaks (with more to come).
Wall_Street  bailout  mortgage 
september 2018 by Quercki

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