Gordon's Favourite Banker Resigns
Adam Applegarth, chief executive of Northern Rock has finally resigned as has non-executive director, Derek Wanless (pictured), Gordon Brown's favoured and most trusted banker.It turns out that the chief-exec sold over £2.6m of shares at peak prices while still urging thousands of employees and investors to buy shares when the company was facing trouble.
Sir Derek sits, like so many other of New Labour's great and the good, on various government quangos; the Statistics Commission and the National Endowment for Science, Technology and the Arts. More importantly he chaired Northern Rock's Risk and Audit committees. If anyone should have known what was coming, it was Gordon's favourite banker. He had to sign off on all strategic risk management issues. Guido called for his resignation right at the start...
Incidentally, Schillings (lawyers who boast of being able to cover-up the truth) are huffing and puffing furiously to Guido about that Investment Memo on behalf of Northern Rock. Guido, they will find, is a little bit more resilient than a blogger in a bedroom in Guildford...
48 comments:
Typical of the "ethics" and double standards of Zanu Labour and their arse wipes.
The fact that these "gentlemen" did not resign earlier speaks volumes.
As for Derek Cluess, any self respecting head of a plc risk and audit committee that presided over such a fiasco would be contemplating a long spell out of work. However, one wonders how long it will be before he gets his snout back in another governement trough where perhaps his shortcomings will not be so evident.
Also
Why, where's your bedroom?
I agree completely with "Gordon Brown's twitching sphincter". What a bent bunch of inept, self-serving, bastards.
We should have a referendum on Northern Rock. Why weren't all those deserving victims of the pensions collapse supported in the same way? Weren't they on the electoral roll?
It's about time someone strung up these thieves from the highest lampost. Why are we sitting down and taking this?
Morally and financially bankrupt - sums up Brown's legacy. His ruination of this country over 10 or more years will be a lasting stink that will hover over his gravestone for decades to come.
Well done Guido. PMQs should afford us more opportunity next week to see Gordo's hand quivering at the ballot box. He would be a joke if he hadn't caused so much destruction.
Lord wanless of clueless and fuckwittery soon I presume.Gordo will reward this total failure with powers to make laws on bank regulation.How funny will NR shareholders find that eh? oh sorry thats me and you and...oh you too oh fuck.
Does anyone think Iran will invade the UK to implement regime change? cos this lot are worse than saddam ever was for nepotism and snot eating.
OT: Michael Crick will have an interesting report on the two Respect parties tonight, with accusations of violence.
Q:
What goes in...out...in...out...
A: Gordon Brown's sphincter as he imagines the Adam Appegarth book deal.
Schillings love to brag about their success stories - looks like this isn't going to be one of them.
Hope this Northern Rock business doesn't do any damage to the Schillings brand. Have just Googled 'Schillings Northern Rock' and got 32,000 hits - still it's early days yet!
Applegarth must be arrested for cashing in whilst misleading others.
It is called insider trading.
I'm trying not to post because I'm in danger of working myself into a lather over this Northern Rock debacle. What it boils down to is this bank and its management were totally reckless but because it's New Labour's favourite bank it couldn't be allowed to go broke as it deserved and it now seems likely that it will drag other, decent banks down with it.
Why is it that our soldiers have to buy their own kit to fight browns/blairs wars cos the mod claim poverty but a private company fails due to stupidity beyond the call and alister fuckwit darling finds £25bill down the back of the sofa WTF?.one way or another we will not see this money again.let em die !!
I wonder what wag gave Northern Rock the code name Blackbird (as in bye-bye blackbird, presumably).
It would be fascinating to know how some of those statements made in the executive summary could be verified. Perhaps when the company is finally sold, there will still be comeback against the directors who made such statements.
This one is a long way from being over.
Brown does pick em:
Sir Derek Gormless
Mr G Orion Trust Robinson
Sir Run Run Cohen
Sir Paul Mining for a Payout Myners
Sir Digging for a Pension Jones
Lord Sailor Boy West
Mr Malarky of FO
A Govt of All the Talentless Tosspots
I'm busy harassing women at present. Will return anon.
Finally, finally these complete shysters have decided to resign.
If this situation was taking place in the United States they would all be exiting their fancy head office in Gosforth, Newcastle wearing handcuffs. How the hell did the taxpayer end up paying 24 billion pounds to keep this rotten outfit solvent. British Leyland in the 70's was a minow in comparison to this disaster. Now they are at the mercy of other banks who want sweetners to take it off their hands. How much will this debarcle finally cost the taxpayer ? No wonder Brown is not answering any questions. So much for high taxes to pay for schools, hospitals blah blah.
What do Schillings want?
Is it illegal to read foreign newpapers and webistes now?
Schillings.
Incompetent prats.
Enough said.
Stand up to the bullies Guido!!
I wonder how many Zanu Labour MPs and Klingons have Northern Rock mortgages at "mates rates:.
I think we hould be told.
Ex-MPC guru slags off Brown (Daily Telegraph).
If the now fully FASCIST establishment of this country especially the CPS and the BBC had any moral standing not years ago sold off with their grandmothers.
This particular cunt would have been in jail months ago, and looking at, 10 to 15, minimum.
As it is however
He will be paid off in cash FOR A JOB WELL DONE and FOR DOING EXACTLY WHAT HE WAS ORDERED TO DO. Then retired off to an even better job at an even bigger bank.
Which is what happens to all top banking BASTARDS of the 'funny hand shake fraternity', who refuse to spill the beans on our victorious highly criminal political class.
"Peak gold" is here ( Daily Telegraph) again.
We ain't seen nothing yet.
Click link to get the view of Nouriel Roubini, Professor of Economics at New York University.
Jeff Randall in today's Telegraph lays the blame for the growing Northern Rock scandal largely at Gordon Brown's door.
This shambles is going to get a lot worse before it's over.
What do Schillings want?
A. Money.
Schillings will huff and puff about this because the client pays by the hour for that service. This is the same as any honest lap-dancing establishment, except in those the client sometimes gets satisfaction, which won't happen here because the memo is already in mass circulation and Schillings know it.
How long will it take the client to come to terms with that and stop tucking money in to Schilling's garter?
talking aboout moral bankruptcy at the Rock, surprised the tabloids haven't followed the trail of the mistress set up in a swish apartment on Newcastle's coast road.
nice dig at small-time bully and all-round self-important twat Tim Ireland
If you're more resilient, why aren't you hosting it?????
A word of caution on the gold market, from someone currently getting rich on it.
If the market experts tell you that gold is running out. It usually means their is literally mega tons of the stuff they cant be bothered just yet to dig up.
Very much like the oil market.
Where the same people were saying 30 years ago, the world would run out of by the year 2000. When in fact there was then and still is now oceans and oceans of the shit around.
Enough some say, to last a thousand years or more.
Still that does not mean the price of Gold will not keep hitting record prices with plenty of ups and downs for the next 30 years.
Look what has happened to the oil price. At $200 a barrel they may start drilling for it underneath Buck house itself.
My advice is to trust no one, not your wife or even me.
Remember this. You could fit the worlds yearly gold production easily in the Albert Hall, and its a bloody big world out there and a very deep criminally minded monopolistic one as well.
http://www.advfn.com/news_G20-MEETING-UKs-Darling-calls-for-greater-investment-in-oil-industry_23337064.html
Has he forgotten that it was Brown who hit the oil companies with a windfall tax??
Do you think if the bank had been called Southern Rock instead of Northern Rock and based in the South East it would have been bailed out?
You mentioned Schillings.
Well done.
Bravely bold Sir Robin rode forth from Camelot.
He was not afraid to die, O brave Sir Robin!
He was not at all afraid to be killed in nasty ways,
Brave, brave, brave, brave Sir Robin!
You mean richer not resilient.
Stop knocking Tim Ireland. Our self appointed Blog Regulator and Imposer of Moral Standards is heading and directing a most Important flushing out of right wing witches. He has directed his poodles of war to engage the enemy in polite dialogue on the subject of Nadine D and the abortion issue. The blogosphere would be a better place if we had more Maniacs(sic).
Yours in admiration
Fifi
No, Guido means reilient. Richer and better looking too..
;)
Well,surely there has to be an investigation into this 2.6 million share sale. Its suspicious. Very suspicious.
The Conservatives never bailed out the BCCI bank and let it collapse. New Labour bail out Northern Rock. Does Northern Rock have a guaranteed New Labour voting client that it has been bailed out? Isn't this just illegal state aid (as per EU laws)?
BTW, I want my £730+ New Labour and the BoE have "invested", so I don't have to prop-up this turkey company.
Somebody posted this on Hatfield Girl's blog. The same thought had occured to me. Anybody here know the answer?
financial illiterate said...
Agree, this is now bordering on the speechless-beyond words by Disgusted of Tunbridge Wells.
However, in all the commentaries on various media I have read, I have yet to see any explanation of what the situation, and consequences thereof, would have been had NR simply been declared bankrupt, its mortgage lending books taken over by a reputable financial organisation, and the financial hit(s)been taken by those - presumably City financial - organisations which kept lending to NR with such gay abandon.
Anyone care to illuminate/speculate?
Guido, I never knew you were reilient. Being ilient is bad enough, but then to catch it again ... I suggest you seek medical advice.
Bet you won't publish this link you clown.
http://simple-sailor.smtp.ru/
ime with jeff randall i think this un capped borrowing from the BOE is a disaster , he and darling shouldnt have done it, its the policy of an ecnomic fuckwit , he should have suspended shares , split its property portfolio to spread the risk round the other banks. this way round he has made the tax payer take the risk with out consultation.
share dealing definitely should be select commite job.
but ime more interested in whos buying it , why on earth would you want to buy a mortgage bank when a property slide is on the way , so either its going to be sold for song and they will not make BOE repayments and therefore will have dented spending plans.
what imean is how on earth are they going to repay the BOE back in 5 years , it just doesnt add up. somthing definitely funny .
Crisis meetings at Northern Wreck this weekend. Weekend ops can't afford the Mercs and Jags in the car park. How bad is the news next week.
Will Schillings be keen to jump up and defend NuLabour should we ever get an update on the PRIVATE PROSECUTION WE SIGNED UP FOR in the brown Paper bags full of cash paid out to Lord Levy for and on behalf of Tony Blair and The Labour Party to acquire Knighthoods for numerous rich business men.
Richer? I meant better funded. There's a difference.
I wonder if Sir Witless will still be collecting his gong from Coventry Cathedral next Tuesday ?
For reasons known only to a select few, Coventry Uni' have awarded Del Boy an Honorary Business Doctorate for 'his financial acumen, and enhancing people's lives'. Splutter, gulp !!
Having now been euphemistically 'retired off' from 2 UK Banks, I suspect he will be looking for his hat trick. Perhaps Del's favourite Prime Minister, will arrange for his favourite puppet Banker to get Merv's job, once the dust has settled. Then, over G&T's at Chequers they can cook up a cunning plan to write off that troublesome 25,000,000,000 (and rising) spondulicks. It's a funny old World, although me thinks it's certainly not a fair one. Duplicity, mendacity and avarice rule the World, but I guess they always have. Knobhoods for cash and/or favours is just the tip of the iceberg.
God's "favourite" banker was founding swinging under Blackfriars bridge with his pockets full of bricks. Here's hoping Mr Applegarth isn't planning on trips over or under any bridges soon ...
NR = nulabs ENRON , surprised more of you astute chaps haven't made the connection !
Northern Rock was tied in with the Northern Labour Mafia and ingratiated itself-through the NR Foundation with a wide range of interests in the North East.
Is not the Chancellor a Newcastle MP?
Mutual Building Societies' are equally interested in cash for the executives.
The CE's of Nationwide and the Portman trousered several millions in enhanced retirement payments when the merger went through.
There is really no effective check on these mutual societies' as the Directors and Managers seem to please themselves!
Guido, stop puffing your chest in conceit and and arrogance and get your facts right. If you want to accuse a certain Guildford blogger of caving in, then you'd better be consistent and accuse Bob Piper, Craig Murray, Boris Johnson, The London Bach Society, Grape Records and others of also caving in.
The tissue-paper people were in Gloucester, not Guildford, though I can see how someone of your awesome intellect might get confused.
Anyway, funny how you try to score points now, when your silence at the time was deafening. Still, having seen a certain article, the alleged retraction and witnessed your own recourse to the libel laws, perhaps your conduct is understandable.
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