£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.


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