ckaihatsu
20th June 2008, 18:59
http://www.marxist.com/vast-frauds-northern-rock.htm
Britain: Vast frauds at Northern Rock
By Mick Brooks
Thursday, 28 February 2008
It emerges from the Parliamentary debate on the nationalisation of Northern Rock that billions of pounds are to be diverted away from the intended purpose of preventing a banking collapse, into the pockets of the Rock's management.
The directors set up a financial institution called Granite. The alleged purpose of Granite was to fund a charity for handicapped children in the north-east. Not a single handicapped child has seen the colour of their money.
People queuing outside a branch to withdraw their savings
The real purpose of Granite was to act as a scam for tax-dodging. It was registered in Jersey. As we know, Jersey is a tax haven. It is also part of the UK, and its status as a sunny place for shady people could be ended by the British government with the stroke of a pen.
The soundest mortgages on the Rock's books have been transferred to Granite. It is believed to hold £44 billion in mortgages (it might be higher than that). As we know Northern Rock had a reckless business plan. The 125% mortgages and other dodgy deals remain on the books of the Rock as a little present to the taxpayer to sort out. The good stuff is out of our grasp, cherry-picked for Granite.
[...]
Chris
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http://www.revleft.com/vb/nationalization-left-capitalists-t82108/index.html
Britain: Vast frauds at Northern Rock
By Mick Brooks
Thursday, 28 February 2008
It emerges from the Parliamentary debate on the nationalisation of Northern Rock that billions of pounds are to be diverted away from the intended purpose of preventing a banking collapse, into the pockets of the Rock's management.
The directors set up a financial institution called Granite. The alleged purpose of Granite was to fund a charity for handicapped children in the north-east. Not a single handicapped child has seen the colour of their money.
People queuing outside a branch to withdraw their savings
The real purpose of Granite was to act as a scam for tax-dodging. It was registered in Jersey. As we know, Jersey is a tax haven. It is also part of the UK, and its status as a sunny place for shady people could be ended by the British government with the stroke of a pen.
The soundest mortgages on the Rock's books have been transferred to Granite. It is believed to hold £44 billion in mortgages (it might be higher than that). As we know Northern Rock had a reckless business plan. The 125% mortgages and other dodgy deals remain on the books of the Rock as a little present to the taxpayer to sort out. The good stuff is out of our grasp, cherry-picked for Granite.
[...]
Chris
--
--
___
RevLeft.com -- Home of the Revolutionary Left
www.revleft.com/vb/member.php?u=16162
Photoillustrations, Political Diagrams by Chris Kaihatsu
community.webshots.com/user/ckaihatsu/
3D Design Communications - Let Your Design Do Your Footwork
ckaihatsu.elance.com
MySpace:
myspace.com/ckaihatsu
CouchSurfing:
tinyurl.com/yoh74u
http://www.revleft.com/vb/nationalization-left-capitalists-t82108/index.html