Pyramid Comment

This journal takes an alternative view on current affairs and other subjects. The approach is likely to be contentious and is arguably speculative. The content of any article is also a reminder of the status of those affairs at that date. All comments have been disabled. Any and all unsolicited or unauthorised links are absolutely disavowed.

Thursday, April 03, 2008

Adam Applegarth And Northern Rock

The success of failure. Adam Applegarth as one of the architects for the rebirth of Northern Rock in the public purse is to enjoy a fabulous prize of more than £760,000 as part of a severance agreement. On top of this a very healthy pension. [But this doesn't compare in the slightest to the efforts of Sir Fred "The Shred" Goodwin and his future rewards.] Meddling in an unstable market has its rewards and could even get an 'honour', which would support a suggestion that the outcome has always been the one desired:

  • Nationalisation is a euphemism for ownership wrested from private hands and into government control (aka management). This is away from the people (taxpayers) who have absolutely no voice, yet underwrite all outgoings.
However, the attempt has been made to push the blame onto unstable money markets as though it was all bad luck. Rather than luck by design. This presupposes that as a business model, borrowing money in order to lend it is a good idea.

Confounded Interest

Predictably, the mammal goes belly up when the air runs out and so drowns in the ocean of greed.