Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Government Banking Hypocrisy and Doublespeak 101

Politics / Nationalization Feb 16, 2009 - 01:38 AM GMT

By: Mike_Shedlock

Politics Best Financial Markets Analysis ArticleBanking Hypocrisy and Doublespeak 101 class is now in session. See if you can spot the occurrence in Darling Says Banks Best Run Privately, Damps Lloyds Speculation .


Chancellor of the Exchequer Alistair Darling said U.K. banks are best run privately as he tries to calm speculation the government is about to take a majority state in Lloyds Banking Group Plc.

Darling said today the government has already put in place a program to help banks. The Treasury is playing down talk that Darling will hold discussions with Lloyds executives this weekend.

“I have made it clear on many, many occasions that we believe that banks are best run on a commercial basis in the private sector, properly supervised and regulated,” Darling told reporters in Rome. “That's our clear preference and our clear belief.”

Turn in your answers please. Extra credit is given for datelines.

September 29, 2008 UK lender Bradford & Bingley nationalized

Mortgage lender Bradford & Bingley confirmed Monday it is to become the second bank nationalized by the British government since the financial crisis began.

In a deal hammered out with Spanish bank Santander, B&B was being taken into public ownership after uncertainty over its future prompted savers to withdraw "tens of millions of pounds."

British Finance Minister Alistair Darling said B&B assets were sold to Santander's Abbey division for just over £600 million pounds, or about $1.1 billion.

"My priority was to protect savers and depositors, but also to ensure that we got a good deal for the taxpayer," Darling said.

"We had to stabilize the situation in order to protect the banking system as a whole."

Wednesday 8 October 2008 £50bn bid to save UK banks

After another tumultuous day, Brown summoned the Bank of England governor, Mervyn King, and Financial Services Authority chairman, Lord Turner, for emergency talks last night on the future of the banking system.

They also discussed concern that UK customers of the collapsed Icelandic bank Landsbanki risked losing thousands of pounds in savings. The Treasury is racing to hammer out a rescue for the high street banks and holding high-level negotiations with Icelandic authorities about the payouts for 300,000 customers of Icesave, an offshoot of Landsbanki, who have a total of £5bn saved with the bank.

Brown and his embattled chancellor, Alistair Darling, were preparing an announcement for this morning outlining historic changes to the way the banking system is owned and operated. "We have been working closely with the governor of the Bank, the FSA and financial institutions to put banks on a longer-term sound footing," Darling said after last night's meeting in Downing Street. He said the Bank had again put large sums into the money markets over the day, and was ready to do more if necessary.

October 13, 2008 Royal Bank of Scotland under state control

The Chancellor will move to take control of the Royal Bank of Scotland today by injecting £20 billion of taxpayers' money.

The Government is also expected to take over HBOS in the most dramatic extension of state ownership in the British economy since the war. The bank's rescue takeover by Lloyds TSB appeared to be on the brink of collapse last night.

As governments around the world scramble to prevent the collapse of the global financial system, Alistair Darling will unveil plans for a £40 billion “recapitalisation” of the banking sector.

January 22, 2009 UK may inject $13.8 billion into Northern Rock

The British government is considering injecting as much as 10 billion pounds ($13.80 billion) into Northern Rock to use the nationalized bank to ramp up mortgage lending, the Daily Telegraph reported.

Northern Rock became the first British casualty of the credit crunch in September 2007 when the bank, heavily dependent on wholesale markets for its funding, revealed that it had been forced to seek emergency support from the Bank of England.

The bank was nationalized in early 2008 after attempts to find a private sector buyer fell through

My Dear Darling ....

Actions, especially repeated actions, speak louder than words. Not only have you nationalized multiple banks, you are further injecting taxpayer funds into them.

Darling Quotes To Live By ....

September 29, 2008
"We had to stabilize the situation in order to protect the banking system as a whole."

February 14, 2009
“I have made it clear on many, many occasions that we believe that banks are best run on a commercial basis in the private sector, properly supervised and regulated.”

Please give yourself extra credit bonus points if you mentioned "Darling Quotes" or if you said "My Dear Darling" anywhere in your answer. A look at nationalization in the US is coming up later today.

By Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

Click Here To Scroll Thru My Recent Post List

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management . Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Visit Sitka Pacific's Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.

I do weekly podcasts every Thursday on HoweStreet and a brief 7 minute segment on Saturday on CKNW AM 980 in Vancouver.

When not writing about stocks or the economy I spends a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com .

© 2009 Mike Shedlock, All Rights Reserved

Mike Shedlock Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in