NATIONWIDE-BOYS BUILDING SOCIETY FINANCIALLY SERVILE AUTHORITY ACTS

john frost Wed Oct 08, 2008 at 09:38:33 AM GMT Print-friendly version Facebook

 Now the FSA is reading Labourhome it seems---  Part time snoughts in the trough  fat cat directors at "squeaky clean" Nationwide have been forced to ask for tax payers Treasury money. At last - their come uppance arrives for running vote for me shamocratic elections and paying themselves with vast chunks of member's money. 
See tag for my previous post Northern Rock snouts in the trough. more





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NATIONWIDE-BOYS BUILDING SOCIETY FINANCIALLY SERVILE AUTHORITY ACTS | 6 comments (6 topical)

Re: NATIONWIDE-BOYS BUILDING SOCIETYS (#1)

by rwendland on Wed Oct 08, 2008 at 11:07:10 AM GMT

The excessive director's pay - last time I looked Nationwide's the top 3 retiring executives earned £3.22 million, £1.97 million & £1.36 million each in 2007 - is annoying and invites some real democracy.

But this is really small beer in the ongoing financial crisis. The ongoing drop in share price today suggests the market thinks the banks have little chance of raising capital outside of Darling's offer.


Re: NATIONWIDE-BOYS BUILDING SOCIETYS (#2)

by vrampulla on Wed Oct 08, 2008 at 11:18:50 AM GMT

Nationwide recently bought in somemore in-house PR support.

Hopefully they'll be working hard because I think Nationwide has been playing hard and fast with branches, services (did anyone else see their ridiculous rules over taking money out from the branches - seems to be only in £10 increments....), overdraft charges...I thought this was a mutual for God's sake!


[ Parent ]

Re: NATIONWIDE-BOYS BUILDING SOCIETYS (#3)

by adwilliams134 on Wed Oct 08, 2008 at 11:40:47 AM GMT

There are several reasons the markets are 'cautious'.   These are ones that dealers have said on TV in the last couple of hours.

1.  Not happy that the Government negotiated with the banks.  The banks are bust and the government should have dictated terms not negotiated as the banks have got themselves a cracking deal which they will abuse.

2. The Government are going to use 50 billion to buy newly created bank assets thereby diluting the value of the already existing ones.  This will be done by offering stocks to the market.  This stock, because it is Government, will be 'safe'  so the banks will borrow from the fund to buy this stock and none will end up where it's supposed to.

3.  The banks overseas subsidiaries are covered.  This means some of this money will disappear abroad to prop up foreign banks and foreign account holders. It should not be going outside the UK.

4.  Obvious that interest rates will come down around 1% tomorrow.  Only a portion - if any - of this will go to mortgage payers because the banks need the money and will be reluctant to pass it on.  Really the 1% cut is to actually reduce the payments the banks will be making oon the loans.  The thing to do is get the shares sold,  move the money ahead of the cut into higher interest areas.

5.  The only way the Government can make this £50BN is print it - it isn't there fior them to borrow so they are going to have to make it to lend it.  This will devalue the pound, lead to higher inflation and more redundancies.

6.  It's a joke.  It is nowhere near enough.  Need 10 times that amount and need it now.

7.  The 'true' value of the FTSE 100 is 2500 or thereabouts.  Everything over that is built on toxic debt.

As I said,  these are comments made on TV by traders, bankers etc in the last few hours,  not me and show what they think and why the market is still dropping.


[ Parent ]

Re: NATIONWIDE-BOYS BUILDING SOCIETYS (#4)

by adwilliams134 on Wed Oct 08, 2008 at 01:19:30 PM GMT

Number 4 happened out of the blue today - by half% and coordinated overseas,  probably to reduce the 'opportunites' for our City friends to cash in and abuse overnight positions.


That said,  still haven't heard any trader say anything positive about it.


[ Parent ]

Fitch credit ratings (#5)

by rwendland on Wed Oct 08, 2008 at 09:41:37 PM GMT

The Nationwide does seem to have the best Fitch credit rating of the big BSs: "AA-" "Very low credit risk - not significantly vulnerable'', compared to the other biggish BSs - according to the Telegraph. The other large ones generally have "A-", with the smaller Coventry, Leeds and Newcastle a click higher at "A"


Re: NATIONWIDE-BOYS BUILDING SOCIETY NO RATE CUT (#6)

by john frost on Thu Oct 09, 2008 at 03:34:43 PM GMT

Northern Rock  and HBOS had good ratings and as for Lehman Bros-impregnable of course. I do not wish to be right about solvency risk but hope that  the FSA will scrutinise the salaries and leeching of this extremely shamocratic Nationwide Board. They must fall not the Society.


NATIONWIDE-BOYS BUILDING SOCIETY FINANCIALLY SERVILE AUTHORITY ACTS | 6 comments (6 topical)