Guido hears that “friends” of Ruth Turner are claiming “it wasn’t me guv”. Wouldn’t it be fun if the PM has to do the perp walk. Downing Street is determined that the police should just drop by for a cup of tea and biscuit accompanied by the full Blair charm. The police think a statement under caution more appropiate in the circumstances. Don’t forget who did the negotiating directly with Lord Drayson…
If you have not already got one, email Guido for a PDF file to print out, then cut out and play Sleazy Sweepstakes in your office (Peerages not included.)
George Trefgarne on the City pages of the Daily Mail is on the trail of the UTB scandal. [Not online]. He draws attention to the fact that 12 out of 17 directors have resigned in the last two years. Hardly evidence of good corporate governance.
The article refers to the £6 million sale of the Labour HQ to help repay £2m to UTB due at the end of last month. Guido understands that there was, after paying off the mortgage to the Co-Op Bank, only £500,000 or so in equity left over. Not even enough to meet this month’s wage bill. Guido suspects that the loan was rolled over on UTB’s books. That the Labour party is making 1 in 5 employees redundant tells you all you need to know. Guido can confirm that UTB has been obliged to report to the FSA monthly as to the status of the Labour party loan.
The Warwick agreement should not be part of the bank’s qualifying credit criteria considered by the UTB’s Risk Review committee. UTB’s board, politically connected as it is, is largely inexperienced in the ways of banking. “Loans for favours” to the unions are the only reason why this union-controlled bank has risked lending so much to the financially troubled Labour party – when no commercial bank would do. Neither the Labour party nor Unity Trust Bank will comment.
The article refers to the £6 million sale of the Labour HQ to help repay £2m to UTB due at the end of last month. Guido understands that there was, after paying off the mortgage to the Co-Op Bank, only £500,000 or so in equity left over. Not even enough to meet this month’s wage bill. Guido suspects that the loan was rolled over on UTB’s books. That the Labour party is making 1 in 5 employees redundant tells you all you need to know. Guido can confirm that UTB has been obliged to report to the FSA monthly as to the status of the Labour party loan.
The Warwick agreement should not be part of the bank’s qualifying credit criteria considered by the UTB’s Risk Review committee. UTB’s board, politically connected as it is, is largely inexperienced in the ways of banking. “Loans for favours” to the unions are the only reason why this union-controlled bank has risked lending so much to the financially troubled Labour party – when no commercial bank would do. Neither the Labour party nor Unity Trust Bank will comment. 
What kind of drunken example is he setting? Hospital is for sissys.
All that “look, Guido is the #1 blog” stuff has now been sub-contracted to an advertising agency. For the many of you will miss those monthly boasts about Guido’s exponential traffic growth, bookmark www.MessageSpace.co.uk/blog.
They also have a whirling website saying who else they represent: www.MessageSpace.co.uk.
The adverts will start running next month…
Nobody has been available in the press office for two days. Guido knows it is a union bank so they must have done all their 35 hours Monday to Wednesday. Did manage to speak to Paul Woodcock. Don’t know what he does, he wouldn’t say.
GF I’d like to speak to someone about your large exposures reporting to the FSA.
PW We can’t comment on customer’s borrowing.
GF I don’t want to discuss individual customers.
PW We can’t comment on customer’s borrowing.
GF Yes, so you said.
PW We can’t comment on customer’s borrowing.
GF Your tape is jammed.
PW I’m sorry.
GF What is your job title?
PW We can’t comment on customer’s borrowing.
GF OK, can you tell me your job title?
PW I can’t comment.
GF How do I know you are not some Friday afternoon drunk receptionist?
PW I can’t comment.
