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Firey Shandy

Listed below are comments made by Firey Shandy between Tuesday, 24th February 2009 and Friday, 4th December 2009 (11 Hours Ago) .

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How HBOS escaped closure 6:25pm on 04 Dec 2009 I am a lowly Chartered Accountant and had worked out in April 08 that HBOS and RBS were in trouble from exactly the same problems as Northern Rock.

We pay so called experts at the treasury and Bank of England vast amounts of money and they could not see the problem until the banks are only hours from running out of money.

The problem was ignorance and pretending that Northern Rock was a one off when it clearly wasn't.
RBS and Lloyds re-made by Europe 7:14pm on 02 Nov 2009 Why on earth are the government speculating with taxpayers money on bank shares?

The banks did not need recapitalised they needed liquidity to allow them time to sort the problems caused by the wholesale markets closing.

This additional capital wouldn't have made a blind bit of difference and is not being used to fund assets but just sits there on the balance sheet.

Now the government seems to think that they can milk the banks dry. A better way would have been to get a fair price on the loans provided and then get monies in the normal way through Corporation Tax on profits and tax and ni on bank employees.
Lloyds: compensating taxpayers 9:35pm on 11 Oct 2009 I really hate this term "taxpayer" it sounds communist to me.

One of the reasons the public finances are in such a mess is because the Corporation Tax take is down due to the banks having a bad year.
What RBS's results say about QE 2:38pm on 07 Aug 2009 I usually don't like your articles as they are sensationalist and misleading but have to say today's article was clear and informative.

Well done Robert.
Who'll be shot when banks misbehave? 11:36pm on 01 Aug 2009 If you follow the audit trail to who is responsible for the economy going bust and that person is Bill Clinton.

What failed? The answer is securitisation. Why did it fail? Because the Clinton administration forced banks to lend to people they would normally lend to.
Treasury forecasts £77bn loan losses for Lloyds and RBS 6:38pm on 22 Jul 2009 More alarmist nonsense from Pesto. As an accountant I know that the government support for banks hasn't cost them a penny and they will most definitely make a profit on these deals unless taken to court.

Unfortunately this profit they will make will be at the expenses of ordinary shareholders and pensioners.

Hope you are proud of yourself Pesto.
Bank of England wins victory - but for what? 8:46pm on 06 Jul 2009 I agree with a lot of posters that we should not create another quango and certainly not under the leadership of Mervyn King.

All this quango will do is regulate the last crash and miss the next crash.

With regard Mervyn King it is about time that his role in the crash was examined.

He raised interest rates from 3.5% to 5.75% an increase of 64%. The average income during the period was 10% leading to a huge drop in the standard of living.

He refused to act to ease liquidity problems because of moral hazard whilst the ECB and Fed took a more pragmatic approach. The result the run on Northern Rock.

He didn't listen to bankers who complained he just didn't get it. In the end the treasury had to rail road him into the special liquidity scheme.

He did not see the recession coming unlike Danny Blanchflower.

He has now reduced interest rates to low a rate.

He introduced quantative easing which has not worked.

In short he is a waste of space and like Brown is an ego maniac control freak.

I think he should be sacked.
West Brom BS to be rescued 7:28pm on 11 Jun 2009 West Brom is rescued but Northern Rock was bailed out.

Come on Robert were is all the sensationalist rubbish you spout gone.

Why aren't you reporting the liabilities of the bank, ignoring the fact it has more assets then dividing them between the amount of the people UK and then showing graphics of people walking with this amount floating above them. What about the black holes and the harping on about taxpayers money.
Rock blew whistle on economic flop 8:30pm on 22 Mar 2009 I note you omit your part in the downfall by causing a 15 billion pound run on the bank.
Was Fred really 'the shred'? 7:35pm on 24 Feb 2009 So what who cares

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Firey Shandy