Sunday, November 18, 2007

Northern Rock CEO Sold Millions in Shares Before Collapse

Adam Applegarth did pretty well out of Northern Rock shares in the year before it collapsed. He has trousered many millions over the years, allowing him to enjoy an Aston Martin with a Ferrari for his missus parked in the driveway of his mansion. His confidence in his bank’s business model long term is demonstrated by his selling of £1.5 m of shares in two days. (25 Jan 2006 sold 52,253 at 957p for £500,061.21 and the next day he sold another 111,426 at 957p for £1,066,346.82).

His faith in the business was shown by his purchase last April of just 262 shares worth a little under £3,000. Not a lot of faith in the business from the boss was there?

Enron’s crooks were massive financial supporters of the Republican party. Northern Rock gave half-a-million to Labour’s favourite think-tank, the IPPR. It also employed Gordon’s personal pollster, Deborah Mattinson, as an adviser. Of all the pollsters to seek advice from, why her? Why give money to that think-tank? Nowadays it is very rare for publicly quoted companies to make politically partisan donations.


Seen Elsewhere

Paper Trail Suggests Ashcroft Still Funding Tories | Indy
Bradford Bun Fight Coming | Speccie
Former Minister’s Join ‘Canberra Caterer’ Outcry | The Times
Stop Bercow | The Times
Speaker Cornered | Times
Britain’s Beheaders | Speccie
‘Underclass’ Is Dave’s Fault | Conservative Women
Civil Liberties/Privacy NGO Hires New CEO | Big Brother Watch
Why I Won’t Join UKIP | Dan Hannan
Who Will Stand Up for the Christians? | Ron Lauder
Labour Swing Extends Deep into Tory Seats | Lord Ashcroft


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Westbourne-Change-Opinion hot-button


Lord Glasman tells it like it is:

“The first thing is to acknowledge that Labour has been captured by a kind of aggressive public sector morality which is concerned with the individual and the collective but doesn’t understand relationships.”



Owen Jones says:

We also need Zil lanes.


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