Northern Rock : still hungry

Northern Rock has today reported a loss of £724 million for the first six months of 2009. They've done even better than last year, when they only managed to make a loss of £585 million in the first half.

It currently 'owes' the government (surely, 'the taxpayer') nearly £11 billion quid, and is waiting for European regulatory clearance for even more fucking funding.

Where the fuck does all that money go? Some doubtless is written off, on the silly sods who took out mortgages they were never going to be able to repay, but longer-term readers of CF's witterings might recall this piece about Northern Rock and the ways in which they're spending our fucking money.

While seeking employment in Financial Services earlier this year, CF discovered an employer that had multiple vacancies, was paying more than any of the large global 'players' in the traditionally extravagant City of London, and although based 'up North' was offering to pay for weekly flights from all over the country for workers to 'commute by air'. Wow.

The employer merrily hurling all that cash around was, of course, Northern Rock. The Northern Rock that belongs to us, the taxpayers. The Northern Rock that is currently running on our fucking money.

It's well known that good ol' Gordon Brown is keen to sell Northern Rock - there have been talks with Tesco - just as soon as he can. As CF said weeks ago:

Clearly the instruction has gone out to urgently polish the turd, patch it up a bit. Stuff it full of highly paid 'Interim' directors and managers, make it look like a proper company, then flip it to a greengrocer as soon as possible.

And why does Brown want rid? For sound, prudent fiscal reasons? Nah.

He wants to sell it solely to prevent the hated Tories and the evil Cameron getting any kudos by selling it in the future - undoubtedly for a whole lot more - when it's properly fixed, and when the markets have recovered. So, Gordon says, Northern Rock must be sold, and sold now.

And that's what costing serious fucking money. Money on consultants, inflated salaries for temporary staff, money to recruitment agencies, money for tens for endless flights up and down the country: the 'investment' is enormous.

But that's not a problem to Gordon. Its not his money, and in his little hate-filled world, it's millions well spent if it makes him look slightly better, and thwarts those nasty Tories.


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