She has been seen around the Houses of Parliament in recent months with a black-eye and other bruises. All has become chillingly clear with the news that he has been arrested for assault.
To get the full measure of the man you have to know that his young wife is seven weeks pregnant. Guido understands that the Tory Whips are to make it abundantly clear his career is over.
Look at the cover picture, does the whole black roll-neck thing remind you of another political wife’s post-husband -leaving-office autobiography?
You don’t think Cherie is going to copy Hilary and try running for office as well? She really does hate Gordon*…
*You can see what she thinks of Gordon on GuyNews.TV.
King thought not on September 12, yet under pressure from Alastair Darling, the very next day he supported the bail-out of the Northern Rock management. There was no systemic risk to the financial system which could justify such a move. Now with the Treasury promising to guarantee all bank deposits, the British banking industry has become Moral Hazard central. The news that King has been forced to effectively reverse a sound policy means all risks have been transferred to the taxpayer. So if today an RBS trader “did a Leeson” the Treasury would end up picking up the tab.
The second line of Treasury spin is that the Bank of England should have flooded the markets with liquidity. That is never generally a good idea for an institution obliged to fight inflation. Market participants were in any event able to borrow from the bank window at penalty rates (and some did). Northern Rock could not do it because they did not have the necessary collateral.
The blame lies not with Mervyn King but squarely with Northern Rock’s management. The Northern Rock board took the risk in their dash for profit growth, a risk that should have been spotted at board level by their risk management committee chaired by Sir Derek Wanless.
Wanless should resign immediately and be stripped of any bonuses and performance related payments.
IPPR has yet to get back to Guido, so am as yet unable to confirm that they received hundreds of thousands of pounds in donations from Northern Rock. Reminds Guido of how generous Enron was with political donations before the end…
UPDATE : Northern Rock promised £191,018 to IPPR in May 2006 alone. Still awaiting total amount to be confirmed.
UPDATE II : Another £180,000 spotted in the 2003 IPPR accounts. Source says it will total over half-a-million.
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The court hears Max Clifford told a 19 year old model at a film audition in his office:
“Look at my penis. Isn’t it tiny? What can I do with this?”