Sunday, 18 April 2010

Look where the money went

It's only your money, after all.

£850bn bailing out banks… and £107.1m on financial advice

£76bn To purchase shares in RBS and Lloyds Banking Group

£200bn Indemnify Bank of England against losses incurred in providing over £200bn of liquidity support

£250bn Guarantee wholesale borrowing by banks to strengthen liquidity in the banking system

£40bn Provide loans and other funding to Bradford & Bingley and the Financial Services Compensation Scheme

£280bn Agree in principle to provide insurance for selection of bank assets

£671bn Total Government spending in the financial year 2009-2010

£32.9m Slaughter & May – Commercial legal advice

£15.4m Credit Suisse – Financial advice on a range of measures, including Bank Recapitalisation and the Asset Protection Scheme

£11.3m PricewaterhouseCoopers – Advice on APS

£8.7m Ernst & Young – Due diligence on APS, Northern Rock

£7.7m KPMG – Due diligence on APS

£7.4m Blackrock – Valuation advice on APS

£5.3m Deutsche Bank – Financial advice on a range of measures

£5m Citi Financial – Advice on Aps

£4.9m BDO Stoy Hayward – Valuation of Northern Rock

£4.5m Goldman Sachs – Financial advice on Northern Rock

£1.5m Morgan Stanley – Financial advice on Bradford & Bingley

£2.5m Other advisers – Financial advice on a range of measures and proposals to revive Britain’s ailing economy


And now it transpires the banking meltdown wasn't caused by mismanagement. It was caused by a deliberate fraud. An awful lot of pockets were lined at YOUR expense. Guido has more

UPDATE: Govt Borrowing from £27 bn to £163 bn
Govt Debt from £347 bn to £799 bn
Growth from +3.3% to -5.0%
Inflation from 1.9% to 3.0%
Personal Debt from £492 bn to £1,460 bn
Health Spending from £43 bn to £119 bn
Education from £38 bn to £161 bn
Unemployment from 2.23 mil to 2.45 mil
Average House prices from £55k to £161k

It's only your money after all....

As I said at the time..


Lord Blagger said...

£850bn bailing out banks… and £107.1m on financial advice

I think you have a issue with double counting.

85 bn maybe on the total exposure to banks.

Peanuts in reality to the real issues.

1.2 trillion for state employee's pensions.

Multiples of that for the state pension and state second pension.

ie. It's government ponzi schemes that are the issue.

On the banks, its what you get when you socialise them. They should have been left to go to the wall.

john in cheshire said...

I think you are correct. I also think that most of us in this country are so depressed and dispossed that we don't know who is going to give us justice. I suspect it is too much to ask, but I would like to see the perpetrators brought to justice. I know it sounds like bravado, but if there was a movement to exact retribution I would gladly participate. Kicking the stool from under the socialists would appear to me to be a 'good' thing to do.

Gallimaufry said...

Asidet from cashing their salary cheques, what are the first class brains in the Treasury and FSA for when £millions has to be paid for consultancy advice?

Warsteiner said...

Look where THE money went?

Surely you mean

Look where OUR money went?

I'm not one for conspiracy theories but I'm beginning to think we've been had over a barrel and will be paying for it for decades.

BTW where has the money ended up ???

anti-mongloid fuckwit said...

I'm a bit late on the game here, OH, but if the so-called "Jury Team" - never heard of them until I read about them here - booted you out for the comments on this blog, you are well rid of them. Why would you want to align yourself with a bunch of PC, anti-free-speech mongs is beyond my comprehension. THey are clearly CUNTS fuck them.

Happy voter said...

Add another £87.6m to that running total.

Lord Blagger said...

The money has been pissed up the wall.

Here is my estimate of what is owed.

800 bn on gilts.

1,200 bn on civil service pensions.

1,500 bn on the state pension [1]

350 bn on PFI

100 bn on nuclear decommisioning

Banks 80 bn (net)

State second pension unknown.

Lord Blagger

[1] Relatively small. However, consider what happens in practice. No state pension, and you get the Minimum income guarantee, housing benefit, ... About 13K a year, or in annuity terms 320K on retirement.

Conclusion, its fucked

Anonymous said...

If you had any doubt that Brown is a traitor to to British people watch this.

mc_nebula said...

This is classic btw, Dave Cameron quote generator...

caesars wife said...

mmm after trying to post an usefull analysis my BB connection suffered ahliezhimers again and it was lost to quantum physics or meltwater

We havent really been treated to anything like the truth, Imeldas stakeholder system was one long line of handshakes and derivatives .

I hope we get to understand more of the mechanism and the corruptions .

I have always thought socialism was a confidence trick , if only we had realised what the 1997 manefesto was about .

whatever next the remnants of the zanulabour zealots posing for photo on ash transport rescue plan (no ed or yvette). How ironic our money has been burned in a govt run debt bubble and ash is now raining down on us as toxic waste .

we will perhaps get to see a little more of how the scam worked , rather than the dumbed down crack filler weve had since 2007 .

the tax payer is going to be paying for the evermore riskier investments that labour allowed , to gamble in foriegn lands .

Do you honestly think they could talk dumb and yet run one of the most complex tax system in the world , without knowing what they were doing .

khmer marron said...

May 1999
.. two big investment banks — warned that Brown, could barely have chosen a worse moment.

In the room, just behind the governor’s main office, they cautioned that gold traditionally moved in decades-long cycles and that the price was likely to INCREASE!!!!. They added that even if the sale were to go ahead, the timings and amounts should NOT be announced, as the gold price would PLUNGE!!!!!!!!!.

“The timing of the decision was ludicrous. We told them you are going to push the gold price down before you sell,” said Peter Fava, then head of precious metal dealing at HSBC who was present at the meeting. “We thought it was a disastrous decision; we couldn’t understand it. We brought up a lot of potential problems at the meeting.”

Martin Stokes, former vice-president at JP Morgan, who was also present, said: “I was surprised they had chosen the auction method. It indicated they did not have a real understanding of the gold market.”

According to other sources, however, Bank of England officials told those present they had “little say” about what was going to happen and that they were “doing what they were told”. This was a decision made by Brown and his inner circle, who appeared uninterested in their expert advice.

Ian Plenderleith, the senior Bank executive hosting the meeting, is nevertheless understood to have compiled a note on the meeting for the Treasury. It is one of several key documents that are thought to disclose the warnings ignored by ministers.
11 years on, the advice appears even more pertinent.

The price of gold has almost QUADRUPLED and the loss to the taxpayer has been calculated by one leading firm of accountants at more than £2 billion.(MORE LIKE £7 BILLION)

The decision to sell 400 tons of gold is seen in City circles as a financial bungle on the scale of the Tories’ “Black Wednesday” that cost the taxpayer £3.3 billion, according to Treasury estimates.

Dominic Hall, a former gold dealer who now runs, a website for the gold market, said: “Brown was keen to throw mud at the opposition over Black Wednesday but this was a financial disaster on a similar scale.”

The Sunday Times has been battling the Treasury to release the advice it received on the gold sales under freedom of information laws. Brown’s department has sought — so far successfully — to use a range of legal exemptions to block disclosure.

In its last response to requests by The Sunday Times, the Treasury stated: “We have decided that it is not in the public interest to release further information.”

The story starts on May 7, 1999. For all but the most eagle-eyed financial experts, it seemed like another dull Friday in parliament. The Treasury, however, hoped it would be the perfect moment to bury news that it was to launch an unprecedented sale of Britain’s gold reserves.

The news was slipped out by Patricia Hewitt, then a junior Treasury minister, in answer toa written parliamentary question placed by a Labour backbencher. “Today we are announcing a restructuring of the UK’s reserve holdings to achieve a better balance in the portfolio by increasing the proportion held in currency. This will involve a programme of auctions of gold,” she said.

“The Treasury intends to sell 125 tons of gold, 3% of the total reserves, during 1999-2000, with the Bank of England conducting five auctions on the Treasury’s behalf. Auctions will be held every other month starting in July.”

The answer was later shown to be wholly misleading as the government actually planned to sell 400 tons before 2002, representing more than half the country’s gold.


Araminta Gussett said...

It makes the frequent labour party statements that only Gordon Brown can get us out of the financial mess that he himself created seem ever more ridiculous.
The only viable option as I see it to get us out of this dire situation is for that nice young man Nick Clegg and his sweet old Jewish uncle Vince to get elected and form an alliance with the BNP.

Biffo said...

What? More lies from Gordon McSnot & his band of traitors? Now that's a surprise, isn't it?

Claire Le Bonkers said...

Araminta Gussett, I am with you all the way on that, Nick is gorgeous. Incidentally you are not one of the Henley On Thames Gussett's by any chance are you? My reason for asking is that my 89 year old grandfather, who served in the Royal Navy during the last war, often spoke about a young woman with the same name as yours from Henley in the 1960s, who he taught to splice rope along with other strange sexual practices.
Could you be the same Araminta Gussett by any chance.

Uncle Marvo said...

Thank God. Until I read your article, I thought we were in the shit.

I'm going to bed.

Elby the Beserk said...

Not just fraud - Goldman Sachs were the beneficiaries of a huge taxpayer injection to stop them "going broke". What they actually did with the money was buy up a huge tranche of assets which were devalued because of the crash. They've already made a fortune out of these.

Goldman Sachs stiffed the US taxpayer big time, even before the allegations of fraud.

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