Originally Posted by magprob
U.K. government to nationalize Northern Rock
By Alistair Barr, MarketWatch
Last update: 1:57 p.m. EST Feb. 17, 2008Print E-mail RSS Disable Live Quotes
SAN FRANCISCO (MarketWatch) -- The U.K. government said on Sunday that it will nationalize Northern Rock PLC after the mortgage lender almost collapsed last year as the subprime crisis turned into a global credit crunch.
The surprise decision makes Gordon Brown's British government and taxpayers in the country the new owners of the struggling company.
The government said it will run Northern Rock (UK:NRK: news, chart, profile) temporarily until it can find a buyer.
Here is more rubbish. This is a classic exsample of how it really works. And I quote:
"The surprise decision makes Gordon Brown's British government and taxpayers in the country the new owners of the struggling company. "
When Gordon sells Northern Rock, are the tax payers going to get a rebate for financing the deal in the first place? I don't think so. You see, the private bankers are running the government! They will profit and the tax payers can eat cake! OH THAT PISSES ME OFF!