After Virgin Money leaks to the BBC, now there are leaks by J C Flowers to the Sunday Times (4th September) about their plans to acquire Northern Rock.
Always nice to know the vultures are circling the body of a long-loved friend....
Both are said to have made indicative offers of around £1 billion - meaning a loss for the taxpayers of £400 million (something we have long vbelieved is unnnecessary but being pushed for political expediency)
Virgin Money is backed by "American dealmaker Wilbur Ross and the University Lecturers' Pension Fund" Do our readers at Newcastle, Northumbria, Durham, Sunderland and Teesside Universities know or care?
J C Flowers is alleged to be backed by the Chinese Government through its state investment fund CIC.
It owns the Kent Reliance Building Society (which pays amongst the highest rates of interst to savers) and One Savings Bank. It is chaired by Sir Callum McCarthy, former chairman of the Financial Services Agency at the time of the Northern Rock Crash.
Both "bidders" first expressed interest in Northern Rock in 2007.
If we've got any facts wrong, or you are also bidding for the Rock, we'd be happy to hear from you direct...
Sunday 4 September 2011
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