| Topic: | Re:Re: Goldsmith Street. Norwich /Right to Buy Now | |
| Posted by: | Simon Hayes | |
| Date/Time: | 22/06/26 16:08:00 |
| Philippa, you are beyond parody. If you can’t find a link you just make up something that’s plausible in your limited imagination. The Blair government loosened the regulation art framework on British banks to such an extent that the overseeing body, the FSA was labelled the Fundamentally Supine Authority by Private Eye. Here’s some information for you. In 2008 I was working in Canary Wharf. I knew a lot of very senior bankers at various banks and some of them had cottoned on to the fact that their casino banking was leaving them exposed. One was Michael Geoghan, then the boss of HSBC (that’s a GLOBAL bank, by the way). He told me that his bank was hurriedly trying to shore up its finances as they knew trouble was brewing. They did this by selling off the tower housing their HQ to a Spanish property company for £1.09billion in late 2007. That was the biggest property deal in the UK at the time. It gave them enough liquidity to cover the risks they’d exposed themselves to. Needless to say the Spanish company, Metrovacesa, went bust because it was overexposed when the banking squeeze happened. Other banks went to borrow from wealth funds, notably Barclays which got loans from the Saudis. Other banks weren’t so sharp off the mark and paid the price. Remember Northern Rock? First of the UK banks to go bust? Nothing to do with the global crisis, but everything to do with banks being allowed free rein with people’s money. Of course you shall plough your furrow regardless. Maybe you should do a little research into the Blair-Brown PFI schemes. How did they work out? |