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Bailed out by taxpayers, Brit bank raises dividend,  continues CEO's huge salary

Via NY Transfer News Collective  *  All the News that Doesn't Fit
 
[Hilarious! Thieves and knaves "advising" thieves and knaves. ]

Bailed out by taxpayers, bank raises dividend, 
continues CEO's huge salary

The Telegraph via GATA - September 25, 2007
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/09/25/cnrock125.xml


Anger as Northern Rock Plans Dividend

By Philip Aldrick and Harry Wallop 

The Government has hired investment bank Goldman Sachs to advise
it on options for Northern Rock amid fading hopes of a rescue and
growing anger at the beleaguered mortgage lender's decision to pay
shareholders a dividend.

Goldman was brought in after the Treasury guaranteed Northern Rock's
debts alongside savers' deposits. It will advise on implications
for taxpayers of any rescue plan, while considering alternative
scenarios and working through the detail of the guarantee.

For the time being, Goldman will take a back seat, leaving the
rescue plan to Merrill Lynch, which is advising Northern Rock's
board. Merrill Lynch is seeking a buyer, but banks appear to have
balked at the lender's potential L20 billion funding liability. The
shares fell a further 22 to 172p yesterday as bankers said a white
knight was unlikely to emerge.

Northern Rock's growing troubles have led to resentment that
shareholders will profit from the taxpayers' guarantee. The bank
plans to pay a L59 million dividend next month to everyone on the
share register this week, despite having drawn L2.9 billion from
the Bank of England's emergency facility just to keep the business
running.

Professor Andrew Clare at Cass Business School, said: "Had the
Government not stepped in, there would be no dividend and no company.
. I'm sure it wasn't the Government's intention for the dividend
to be paid."

The Taxpayers' Alliance pressure group added that the payment set
"a very bad precedent."

A spokesman for the bank said: "We confirmed on September 14 that
the intention was to pay the dividend. If there is anything new to
announce on that then we would make that announcement."

Matt Ridley, Northern Rock chairman, also appeared to defend the
dividend policy in a letter sent to almost 100 MPs yesterday. He
wrote: "The board is well aware of its responsibility to its many
shareholders, including tens of thousands of small shareholders,
as well as to our largest shareholder, the charitable Northern Rock
Foundation. The board fully acknowledges its responsibilities and
stands ready to account for its actions."

The Prime Minister yesterday issued a thinly-veiled rebuke over
Adam Applegarth's L1.3 million pay. Gordon Brown told Radio 4's
Today programme: "A company doing badly cannot afford to pay its
executives exorbitant salaries or even high salaries."

Goldman Sachs' appointment is a clear signal that the Treasury is
ready to seize control of the lender. Bankers say if a buyer cannot
be found soon, the Treasury may wind up the bank, leaving shareholders
with nothing. They added the lender's L113 billion of mortgage
assets are unlikely to be sold as, at present prices, buyers would
demand a 5 percent discount that could mean a L5.65 billion loss.
With just L2.35 billion of net assets, the bank would then be
insolvent.

A Treasury spokesman said: "We do not comment on or disclose advice
provided by external advisers." Goldman Sachs declined to comment.

* * *

GATA is a civil rights and educational organization based in the
United States and tax-exempt under the U.S. Internal Revenue Code.
Its e-mail dispatches are free, and you can subscribe at
http://www.gata.org/.
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The Homophobic Hate campaign by English Churches Housing Group (ECHG),
Hammersmith & Fulham Council and The Metropolitan Police is still
continuing - at the moment my tormentors think it is acceptable to run
a Hate campaign and they do not think they have done anything wrong.

The authorities know who I am, but they think it is acceptable for a
group of people to run a homophobic hate campaign.

The merger has taken place between ECHG and The Riverside Group - but
I am still dealing with a group of people who enjoy making my life a
living nightmare.

My Tormentors take an enormous pleasure in making my life a living
hell - my Tormentors see me as a soft target. I am not scared of them
nor am I afraid of them - I will get a full criminal investigation
into this hate campaign - on my terms and I will not shut-up until I
get to the bottom of everything these criminals have done - I mean
everything and in the process I will clear my name which my Tormentors
have elegantly blackened.

When the whole truth comes out of what has happened - you will find
that I am a Law-abiding citizen and a veteran of the Falklands
Campaign.

My Tormentors have no intention in sorting out this mess, as at the
moment they are enjoying running their hate campaign too much - this
is all about 100% hate, nothing else.

As part of the Hate campaign my tormentors have bugged my computer - I
do know what I am talking about - you can check my computer
qualifications with Microsoft.
See:
http://www.microsoft.com/learning/mcp/transcripts
Transcript ID: 697024
Access Code: filmnight

My computer is not connected to the Internet and I don not have a
phone - but when I use the System Monitor Tool, I find Terminal
Services is running and it is showing network traffic - what my
tormentors have done, it to use a wireless connection to bug my
computer.
See:
http://img246.imageshack.us/img246/5310/qff7.png

This all started when I found out this development should be to be a
Hostel for people with special need, I made a official complaint to
the Independent Housing Ombudsman and the Local Government Ombudsman -
which lead to a legal agreement that ECHG should move me and carry
several repairs on my flat - which ECHG had no intention of honouring
this agreement. ECHG and the Council decided to lie to both the
Independent Housing Ombudsman and the Local Government Ombudsman for
this to succeed they needed to have to the police to confirm their
lies. Instead of sorting out this mess, when I found out about what
they have been doing - my tormentors decided to run a hate campaign
against me.
See:
http://img504.imageshack.us/img504/6275/019ql.png
http://img418.imageshack.us/img418/5599/024xc.jpg
http://img160.imageshack.us/img160/5210/035rr.png
And
http://img60.imageshack.us/img60/7707/ab9rb.png
Also See:
http://img78.imageshack.us/img78/2307/01qr6.jpg
http://img113.imageshack.us/img113/722/02ky4.jpg
http://img223.imageshack.us/img223/7858/03zj1.jpg
http://img234.imageshack.us/img234/6968/04mr5.jpg

This is what happens to the underclass in this country - because these
people know I do not have a voice - they know how the system works and
have got lying to a fine art.