What happened at Northern Rock?

[TheDottybotty]

Maybe i shouldnt say something because of "the Data protectionAct", but the idea that the Top Brass of Northern Rock cared about the depositors, is pretty wide of the mark. It wasnt just a general contempt, it was actual policy.

In the mid-90s, David Baker came to the City and sent many memos from the board actually instructing branch staff not to sweat the investment side of things cos it was going to be wound down anyway .

The attitude was the deposit accounts werent making enough money

[TheDottybotty]

in record amount of time for their liking- despite the deposit accounts in the past having always been the foundation for the building society's success & expansion. Behind the scenes, no new investment products were going to be introduced, and inquiries of the same were to be discouraged. Their was a casual air that customers' who came in to 'waste time' by the futility of depositing on one day & withdrawing on the bext "piffling amounts of money" could be casually

[TheDottybotty]

discouraged by letting long queues lapse & showing a lack of enthusiasm for talk of their investments- if they got annoyed and said they would take their business elsewhere, there was almost a sigh of relief- but not before the staff were instructed to try to flog the ex-customer a loan before he got out of the door. Commission was given to staff on completion of loan applications, and "sell, sell, sell".

[TheDottybotty]

The "Big New Idea" was that 'time was money', and staff- time could be better spent, it was said, trying to flog loans and mortgages to all and sundry .

Now i didnt know much about banking at the time, but I knew that if the success has been based on the slow accretion of the deposit accounts and has always worked so far, you stick with the tried and the true.

[TheDottybotty]

I thought someone would say something at the time,particularly since it was so out of character with the ethos of NR's background, but the attitude was The Management knew so much better, they had spoken, & nobody said a word. Emboldened by this coup, over the years, they pushed it to giving family & friends 125% mortages, tipping off carpet-bagging relatives when they were going to float, giving loans to the unemployed, and so on. The extremes of the recklessness

[TheDottybotty]

were to become more apparent to the public over the years, but the first sign of the flawed logic and what was to come, if you were looking for it, was evident in that very first early attack on the savings.

In the end, the ultimate analysis of what lay behind this thinking was just termed "greed", but nobody has ever adequately explained why the main strategists of the decision - who have been noted for aspiring to modest lifestyles and lack of flash (unlike most aspiring bankers who are

[lookatcha]

good vid

[kjkjkijkijk]

can someone give me a link to find this video on the web or give me some information such as the year and where it was published as i need 2 reference this for an essay thanks

[3wrongnotes]

its months ago since you typed this but there is a statistics section above comments and the year published and month is on the right. address is in the address bar

[stuartwwillis]

@kjkjkijkijk read the turner review! its good on this

[Ilikenuman]

Vincey Princey is great, Hes got a job and he knows it through and through! I wonder why he didnt want to be the head of his party.

[vdubs4life1964]

I believe that banking institutions are more dangerous than standing armies If the American people ever allow private banks to control and issue of currency, the banks and corporations that will grow up around them will deprive the people of their property until their children wake up homeless on the continent their fathers conquered. Thomas Jefferson

[Strikeaction7]

I've added a intresting documentary about the con-trol the banksters have over us all, ie the approaching *Depression (they'll call it a Recession/lie)remember it's easy to enslave the poor,a form of Marxism and Fascism = Corporative Elite/Ruling elite/Big business (corporate-dominated globalization)Scholars have used the term "Mussolini's corporate state",but first the Crash !.....

[amani89b]

thanx for this vid, i'm currently doing my a-level business studies exams, this is really useful- could help me to get marks for application of real life situations!

[herecomesthebosscom]

That's great to hear. Thanks.

Any topics or stories you want us to explore, just let us know and we'll get on it.

If you want to be involved that's cool too - always looking for interviewers etc.

[Strikeaction7]

Fractional Reserve System (legal) is when the Bank's print money out of thin air!.....Crash !!!..Ps pre-planned

[Strikeaction7]

The Bank of England has "never ever" been owned by anyone british,it's real name should be called the Bank of Rothschild,the family (hebrew jew) that built it and named it(it's just a name), fact!.Ps The "LORD" rothschild,the owner of the Fed (USofA's central Bank), the master behind the curtain of the New World Order (global Enslavement of us on a plantation of dumb down sheeple!),but please don't believe me research yourselves.Crash then the Enslavement !(illuminati/freemasons at work)...

[StrayGator]

Of course! It all makes sense now! Why didnt I see this before!!! Fruitcake

[Strikeaction7]

Hmm Fruitcake in Africa..Ps is that a *Kosha Fruitcake StayGator???.......

[idle80]

I Love Vince

[Joyriser]

Ah the great British taxpayer! Are there any more Shareholders in a "free market economy" that you want us to bail out? The facts are that they desperately needed to maintain confidence in a financial system that Stinks!