Gordon’s Favourite Banker Resigns

Adam Applegarth, chief executive of Northern Rock has finally resigned as has non-executive director, Derek Wanless (pictured), Gordon Brown’s favoured and most trusted banker.

It turns out that the chief-exec sold over £2.6m of shares at peak prices while still urging thousands of employees and investors to buy shares when the company was facing trouble.

Sir Derek sits, like so many other of New Labour’s great and the good, on various government quangos; the Statistics Commission and the National Endowment for Science, Technology and the Arts. More importantly he chaired Northern Rock’s Risk and Audit committees. If anyone should have known what was coming, it was Gordon’s favourite banker. He had to sign off on all strategic risk management issues. Guido called for his resignation right at the start

Incidentally, Schillings (lawyers who boast of being able to cover-up the truth) are huffing and puffing furiously to Guido about that Investment Memo on behalf of Northern Rock. Guido, they will find, is a little bit more resilient than a blogger in a bedroom in Guildford…

Friday Caption Contest (Malloch Brown Edition)

Tony Blair’s Blogsite is Up

Peace in the Middle East? Like y’know, This is the time for everyone to get real.” Guido kids you not, he really does say that. Guido will try to cope with the competition.

He has also set up a Sports Foundation as well to guarantee himself front row seats help disadvantaged kids. Guido expects this to result in civil war breaking out in the Lawn Tennis Association with an invasion threat from the Bowling League. He has a dossier proving that they covet the lawns…

UPDATE : Guido’s understanding is that this is being paid for out of a £400,000 subsidy from the British taxpayer. Roughly equivalent to the cost of two Blair speaking engagements.

Aussies Makes Ear-Bogey Eating a Political Issue

£24,000,000,000 of Public Money is a Matter of Public Interest

Yesterday the FT lost a High Court battle to publish the investment memorandum being circulated in the City for Northern Rock. In it was revealed that by the end of this year £24 billion will have been borrowed from the Bank of England by Northern Rock.

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.

The "Top Secret" Menu at Chequers is Emblematic of Brown

The retreat of Gordon into the bunker has happened faster than predicted even by his worst enemies. Yesterday’s FT article by Sue Cameron was spot on. Gordon doesn’t have a vision beyond stuffing the Tories, with no genuine sense of the national interest, just the narrow party interest. Soldiers forinstance are merely handy photo-op props, under-funded and under-equipped. Cabinet government means government by his cronies in the cabinet. The cabinet is fearfully inert, unsure whether to continue the New Labour reform agenda of Blair, with more choice and reliance on the private sector, or revert to the top-down, centrally planned 1940s model. The Brownie clique of second raters itself is unsure what vision to offer.

The promises of open government and a new Gordon who had changed after the long march to oust Blair now ring hollow. An emblematic example of this is the determined resistance to revealing who ate what on the Chequers menu. The LibDems and the Tories are asking on behalf of the taxpayer who is dining at their expense.

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?

No M’Lord

The FT may have lost a High Court battle to print the Northern Rock investment memo, Gordon somewhat pathetically at PMQs claimed it was “commercially sensitive” information to get him off the hook discussing it. Vince Cable lashed into him when he made that “absolutely bogus” claim. £24 billion of taxpayers money on a bail-out is a legitimate matter of public interest.

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…

UPDATE : Our old friends Schillings are at it again. No Pasaran!

That "E-Borders" Announcement

Gordon came into office promising change with an end to spin and a return to the primacy of parliament with government announcements made first in the House, not on the Today programme.

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”…

Northern Rock Nationalised

Historically the Labour party has favoured the nationalisation of the banks, and with Northern Rock they have now achieved that objective.

The FT published yesterday an investment memorandum obtained by the FTs’ Alphaville blog (since injuncted* by a High Court

[…]

+ READ MORE +

OLR Win 90% of Government Contracts

OLR has become the Halliburton of British politics. Whereas Dick Cheney’s old firm was suspiciously successful in winning war profiteering contracts, Gordon’s crony pollster Deborah Mattinson’s OLR wins focus group and citizen’s juries contracts. Guido explained how this works in

[…]

+ READ MORE +

Gordon’s Little Secrets

Who does Gordon have over for dinner at Chequers? Shouldn’t be a state secret should it? After all you pay for it all, even Tony and Cherie allowed us to know who they had over for the weekend.

So why,

[…]

+ READ MORE +

What is the Tory Treaty Referendum Policy?

Guido still doesn’t know what the Tory policy is on ratifying the EU Treaty. They want a referendum now, that at least is clear. Gordon is not going to “listen to the people”, that is also clear.

So what

[…]

+ READ MORE +



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Labour candidate Clive Lewis tells the Staggers:

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