Oh Dear, Oh Dear

This really doesn't look good at all. We might be in for a bit of a mess over the Northern Crock nationalisation. I, for one, would giggle quite a lot if this turns out to be true:

A senior civil servant Martin Wheatley explained as much in a 32-page note to one of Brown's most trusted lieutenants, Ed Balls, in June 2001. "Human Rights legislation requires the Government to pay the average price of the shares over the past five years," Mr Wheatley said. That would produce a huge bill for Northern Rock, whose shares reached £12.25 in the last year - a far cry from the 90p suspension price.

I've no idea what human rights law, where it comes from or why it's worded that way. But if true then the shareholders might end up with a great deal more than the 2 p that I think the shares are actually worth (if that).

In fact, if that is true then there's a quite wonderful little opportunity there. Anyone know what the grey market price for Northern Rock shares is today?

Actions: Print this article   |   Email to a friend   |   Permalink   |   Comment

Post this entry to:   del.icio.us | Digg | Newsvine | NowPublic | Reddit

Advertisement

Spectator Business | Apollo Magazine

Corporate | Advertising | Privacy | Terms

Spectator, 22 Old Queen Street, London, SW1H 9HP

All Articles and Content Copyright ©2008 by The Spectator | All Rights Reserved