It also revealed that possible options might involve continuing public money supporting the private company for years. These are vast sums under consideration. Gordon Brown refused to answer legitimate questions from Vince Cable about this yesterday. Northern Rock injuncted the FT, and got the memo removed from a U.S. hosting service where it had been uploaded yesterday.
It is public money and the public have a right to know what is going on, as incidentally do shareholders because arguably there is currently a false market in the shares. The reasons for this being suppressed are not commercial, they are political. Everybody in the City already knows what is in the memo. The government just doesn’t want the political embarrassment. Schillings are acting for Northern Rock trying to suppress the memo, which is all over the internet. One copy which might last longer is being hosted in India on Yahoo. Their offices in Mumbai will be closed by now, so Schillings might find it difficult to get it removed quickly. Don’t worry if it goes missing, another will pop up somewhere like China or Australia.
UPDATE : Link is
now dead, traffic overwhelmed bandwith limits. working. It will no doubt pop up somewhere else.
UPDATE II : Schillings got the Indian site deleted. You can still find the memo here www.Banks-Implode.com, and many other hosts.
Brown is blocking, quite wrongly, FoI requests, parliamentary questions and such like. Why?
What paranoia stalks government that makes it is a state secret to know who Gordon breaks bread with on the weekends?
Did you hear Admiral Lord West, GB’s newly-recruited security minister on Radio 4′s Today, scene-setting for the PM’s security statement to MPs? He is supposed to be an amateur politician, a refugee from the hearties at the MoD. Yet he was clever and confident. He ducked all the tricky questions without sounding naff or cross, and he said he wasn’t yet persuaded of the need to extend the 28-day pre-charge detention option.
Turned out to be a little less “clever and confident” later in the day didn’t he? He was very quickly persuaded…
It is definitely not secret any more. Guido told you 4 hours ago where it could be found online in the U.S., it is as of now the top Google search result for “Northern Rock Summary“. You can’t keep politically expedient secrets in an open source world…
The E-borders deal (worth £500m, £650m, or £1.2bn, depending on whether you believe the Sun, the Mirror, or the Home Office) was announced not on the Regulatory News Service, or via a statement to the House of Commons, but at the bottom of a story in the Sun, in an article by one G. Brown.
Market sensitive information, put out in a tabloid. So much for “change”…
The FT published yesterday an investment memorandum obtained by the FTs’ Alphaville blog (since injuncted* by a High Court Judge).
The document revealed that even if the bank was sold, the Bank of England would have to provide support to Northern Rock until 2010 when the stricken lender could still be in hock to the tune of £6bn.
This memo reveals that Northern Rock will owe £24bn to the Bank of England by the end of the year. It has effectively been nationalised without a vote held.
*The injuncted memo is online if you really want to read it in its entirety. Hosted in the U.S. tut, tut, tut.
So why, when Gordon is supposedly committed to open government, are they stonewalling the Telegraph?
So what therefore would a Tory government do in power in 2010, two years after the treaty could be ratified? That Tory poster promising a Conservative government would hold a referendum was, we were told, incorrectly interpreted. Well that was the line last week…
Hague however said yesterday
“If we don’t succeed in forcing a referendum in this House and if we fail to win in another place (the Lords) and if all EU member states implement the treaty and if an election is held later in this Parliament, which is a lot of ifs … then we would be in a situation where we had a new treaty in force that lacked democratic legitimacy in this country and in our view gave the EU too much power over our national policies. This would not be acceptable to a Conservative government and we would not let matters rest there.”
Now this could be a popular position, standing up to European meddling is always popular in Britain. So what if the continent is isolated from Britain? It would not be the first time that Britain has stood alone against a continental threat, would it?
Apart from Ken Clarke and Michael Heseltine, no Tories that people have ever heard of would have a problem with this stance. So why not state the policy unambiguously? The Brownies are hoping to open up Tory divisions on this issue. The way to avoid that working is to clearly and decisively state that a Tory government will not be bound by a treaty not approved by the people. Ken and Hezza can be thanked politely for their opinion, they would no doubt still try to piss on the Eurosceptic parade, but so what? Ambiguity gives the press a story, clarity will kill the story and Brown’s divide and conquer plan will come to nought. Given that Cameron was elected to the leadership on a rock-solid Eurosceptic platform he can hardly be said to have given in to his Eurosceptic right-wing. He is a Eurosceptic right-winger…
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Questioned by police about one of the sex offences allegations he faces, Nigel Evans told them:
“I misread the signals.”