FUCK! Northern Rock Nationalized as U.K. Socialists Reject Virgin Bid

Feb. 17 (Bloomberg) -- Chancellor of the Exchequer Alistair Darling said the U.K. government will nationalize Northern Rock Plc because bids from private companies didn't ensure taxpayer loans to the struggling lender would be repaid quickly enough.

Darling rejected proposals to buy the bank from Northern Rock managers and Virgin Group Ltd. and will introduce legislation to Parliament to enable the government to act. Northern Rock shares will be suspended, and an independent panel will determine how to compensate shareholders, he said.

Bids for the bank didn't ``deliver sufficient value for money,'' Darling said at a press conference in London today. He said government ownership would be ``temporary'' until ``current market conditions'' make a rescue possible.

British authorities have extended 55 billion pounds ($107 billion) in loans and guarantees to Northern Rock since September, when its credit lines dried up and triggered the first run on a U.K. bank in more than a century.

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Scum! Bet you they're bailing out their own friends, under the phony guise of protecting taxpayers' monies... bullshit! And "bids didn't deliver sufficient value for money!" WTF? Hello!!! It's the market which decides, you fucking god damn socialist idiot!!!

:Grrr:

Bids for the bank didn't "deliver sufficient value for money,'' - Alistair Darling

You mean the bank didn't deliver sufficient value for money! That dipshit has a mind as twisted as spaghetti!

And look at this tripe...
"...we must accept the decision with good grace" - Richard Branson. Vomit

Payback:

UK's Brown faces grilling on N.Rock nationalization

LONDON (Reuters) - British Prime Minister Gordon Brown faced a political and public backlash on Monday and possible litigation from irate shareholders, after his decision to take ailing bank Northern Rock Plc (NRK.L: Quote, Profile, Research) into public ownership.

... With a national election due by May 2010 at the latest, the debacle is a lingering headache for Brown and Darling and has tarnished both the Labour government's popularity and the prime minister's reputation as a guardian of financial stability.

Shareholders also reacted with anger to the decision, which is likely to result in only a small payout for investors. They are expected to take legal action...

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Clueless statist fuck!

FUCK! Northern Rock Nationalized as U.K. Socialists Reject Virgin Bid

FUCK! Northern Rock Nationalized as U.K. Socialists Reject Virgin Bid

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