Flash Mob Rumour

Don’t know much about this, but keep getting tipped off from different directions. Doesn’t sound like the usual rent-a-crowd of Trots. A disorganised flash mob, no speeches, just show up on the steps of the Bank of England…


UPDATE 17.50 :
From the comments, going around the City:

To all staff in the London Office

We have been informed by the City of London Police that a protest against financial institutions in the City will be taking place from about 3.00 pm till 6.00pm tomorrow. The protest by the ‘Socialist Workers Party’ will originate in the area of Bank Junction and the Royal Exchange. Exact numbers of demonstrators are not known but the Police will be in attendance as normal.

We will be increasing building security arrangements as a precaution. Your safety is our priority and the advice we have received is for staff to use caution and remain vigilant when travelling through the City.

Thank you for your co-operation.

So it will be a load of Trots and possibly Guido with a “No Bolshevism for Bankers” placard. Wonder if Heffer fancies a spot of lunch at Coq d’Argent and joining the demo afterwards?

Will Ashcroft Merge the NZ Nats and British Tories?

Where Have All the Capitalists Gone?

Cameron’s Conservatives seem to be fair weather friends of capitalism, even the FT’s in-house free market philosopher, Martin Wolf, has abandoned free enterprise for banker bolshevism. Besides Guido only Heffer in the papers remains a strident capitalist tool, managing to quote Ayn Rand approvingly this morning.
Ruth Lea, once a Thatcherite free market scourge of wet Conservatism, seems to have taken a surprising turn for the worse in the last few months:

 

Terror Laws Used Against Icelandic Bank

The FT reports that a freezing order was issued under the 2001 Anti-Terrorism, Crime and Security Act against Landsbanki’s estimated £4bn UK financial assets. Guido doubts that it was the intention of parliament when it voted on this draconian Act that it should be used in this way.

Is Guido the only one uncomfortable with this abuse of the law? Aged hecklers first, now foreign bankers. We are all terrorists…

Exclusive : Michael Howard Complains to FSA Over Pesto-Wire

City outrage over Peston’s reporting has been voiced by Michael Howard. He has written to the FSA to ask for an investigation into the leaking of intensely market sensitive information to Pesto-Wire. Good.

click to enlarge

UPDATE : During this afternoon’s debate Howard challenged Darling over the Government’s conduct. Darling noticeably did not specifically deny that the Government leaked details of the bail-out plan. Howard has also tabled a PQ asking if the Chancellor of the Exchequer “will initiate an official inquiry into the leaking of market sensitive information to the Economic Editor of the BBC relating to the recapitalisation of Britain’s high street banks”. Fingers are pointing towards Catherine Macleod, Darling’s very own Spin Mistress…

Put them on the National Economic Council

BBC reports :

Four years ago, fearful of a property crash, David and Maureen Somers sold their house and bought gold… Mr Somers and his wife Maureen claim it would be “vulgar” to say how much they invested in gold. However, he does say they sold their three-bedroom, detached house in Poole for a significant profit, and the couple have since almost doubled their money again in gold.

“Over thousands of years gold has never reached zero. The price is a risk, but at the end of the day I will still have the same amount of gold,” he says.

“There are people who probably hold bank shares that would have been seen as conservative investments and you could question what they are going to be left with.”

Gold-bugs, not so crazy now, eh?

"Vertu Blessaður" Singer & Friedlander R.I.P. Founded 1907, City of London – Bust 2008

So Guido says goodbye (in Icelandic) to Singer & Friedlander :

From: Armann Thorvaldsson
Sent: 08 October 2008 13:53
To: DL All Staff

Subject: Important Message to All

Dear Colleagues

I wrote to you yesterday about our intensive efforts to work through the current crisis and promised to give you more news today. We have worked with a number of investment banks, our parent in Iceland and the FSA over the last two weeks to explore a large number of possible options to ensure the future of KSF. On several occasions, we have come close to finding solutions but the chaos in financial markets has consistently undermined our efforts. We now face the prospect of insufficient liquidity, rapid deposit outflows and no prospects for correcting the situation in the short term.

I have therefore convened a meeting of our Board in order to consider the next step. That meeting has concluded we have no choice but to place Kaupthing Singer & Friedlander into administration with immediate effect. We will give you all more information on the implications of this decision in the course of today and ask for your patience in order to make the best of a very unhappy situation for all of us. Can I ask you to continue work in as normal a fashion as possible, cooperating with the Administrators in their work with us. This decision relates only to KSF Ltd and not its subsidiaries. They will continue to trade unless advised otherwised. We will give a more complete information update later in the day, certainly before 4pm.

You have all worked with incredible effort to make KSF a success and we were well on our way to achieving it before the credit crisis had such a sudden and disastrous effect. Now I can only ask for your help in making the end of the process as orderly and professional as possible.

I am personally gutted that it has come to this, especially in light of the fact that our problems have arisen out of association rather than any fundamental problems with the business. On the contrary I belief that we have built a great business over the last couple of years and during this time I have worked with many of the most talented and professional people I have ever met. I am very sorry.

Sincerely,

Kind regards

Armann Thorvaldsson
CEO
Kaupthing Singer & Friedlander Group Plc
One Hanover Street

Won’t be the last…

Osborne : "Fox is a S**t"

Didn’t take Mandy long to get revenge on Osborne for grassing him up about their cosy Corfu taverna gossip. Maguire reports this morning the rumour that Osborne “turned the air blue and ridiculed defence spokesman Liam Fox as a “s**t” in an incredible four-letter tirade.” Is this news?

+++ Mr Bean in Charge of Monetary Stability +++

HM Treasury Press Release

Her Majesty The Queen has been pleased to approve, under the Bank of England Act 1998, the appointment of Charles Bean as a Deputy Governor of the Bank of England for Monetary Stability, for a period

[…]

+ READ MORE +

Gordon’s £300 Billion Guarantee : £50 Billion Tier 1 Capital + £200 Billion Inter-Bank Guarantee + £50 Billion Northern Rock

Pretty soon we are going to be talking real money.

Guido has lost track of the repeated Bank of England interventions to try and flood liquidity into the money markets. Those alone could easily be as much as £200 billion […]

+ READ MORE +

Labour to Implement 1983 Manifesto Pledges

It is a quarter century since Labour’s Michael Foot signed manifesto was rejected by the British people. An unelected Prime Minister is now going to impose some of those plans on the British economy. The socialist dreams so roundly rejected

[…]

+ READ MORE +

Guido’s Plan to Stabilise UK Markets

Gordon, Alastair, Mervyn and FSA boss Lord Adair are meeting at 5pm today to figure out their plan to stabilise markets. The FT is pointing the finger at Pesto for bank shares collapsing today. The banks concerned have denied his

[…]

+ READ MORE +



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Quote of the Day

Mary Creagh’s coded attack on Ed Miliband…

‘I want the country to be united behind a single vision, we aren’t going to do it by sort of having a Rubik’s Cube approach to politics’. 

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