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Tuesday, 18 October 2011

Barclays makes the gorge rise

I'd defy anyone with a peck of concern for our nation to read Bounderby's brief piece in Speccy Coffeehouse and not feel the gorge rise in their throat. The junk-rated oil firm that Barclays are gambling £11.5bn of taxpayer-backed (no lose, no cost) funding is rated BB by Standard & Poors; the Barclays executive behind the deal is Hugh McGee, ex-Lehmans. It's a bit like putting the captain of the Titanic in command of the QEII. And the reason Barclays are gambling on such a risky, insecure deal is of course that the profits will be huge if it comes off. If not, you and I will pay. 

Incidentally, the slogan below is only rivaled by one (for those who have kept livestock) I saw on the side of a rail maintenance van - "Jarvis - serving Britain's railways". 


Greg Tingey said...

Ah yes, the incompetent, and quite possibly corrupt firm of "Norris" run by slimebag tory rightwinger Steven Jarvis.
[ Or was it the other way around? ]

Incidentally, Boerclays are not as bad as some others ...
They, like HSBC took NO guvmint (i.e. OUR) money during the recent crisis, and Lloyds only had to, because their arm was twisted to take-on HBOS.

Whilst mentioning transport, did you see the extraordinary whine by the BA bully-boy, Walsh, the moment a new transport-minister was appointed, with a constituency under the Theifrow flight-path?

Blue Eyes said...

Barclays bent over backwards to avoid taxpayer cash.

The banks are much more decoupled post the release of the Vickers report as shown by many credit rating downgrades.

This is a good thing.

If you don't have shares in Barclays why do you care what the bank invests in?

Weekend Yachtsman said...

Time to prohibit limited liability in the finance industry.

Make the directors personally liable.

Then they'll take care alright.

James Higham said...

And while that's happening, the faux energy summit takes place, prior to us being ripped off this winter.

Blue Eyes said...

WY why stop at the finance industry? The company I work for has been burned more than once by people walking away from debts held by limited companies and then reforming the same company under a new banner.

Anonymous said...

Oh yes, we get a good servicing alright but not where we want it.