There must be money to be made if Virgin Money is ready to buy up ailing Northern Rock, the bank that crumbled during the summer. By offerring shareholders a tiny proportion of that paid for their shares, together with a bank of england guarantee to protect depositers, Richard Branson must think he’s on to a winner.
As the establishment has always treated Branson as a maverick, little chance of a conspiracy here, except to deprive northern rock shareholders of a lot of money. Virgin will probably use Synergy here to convert the dry northern rock outlets into cash cows. The database with all the depositers bank details and credit ratings is worth something. Expect mobile phone offers and transatlantic bargains to greet you as you step into a northern rock branch.
What other business allows you to make such mistakes and yet have the government and bank of england scrambling to help you if you make mistakes? Banking is the business if you’re not very good with money. It’s so useful to have that backstop.
This article published by www.conspiracyreview.com ©2008.
on Apr 10th, 2008 at 12:37 am
[...] Journalists for column writing. …http://www.news.com/8301-10787_3-9910961-60.html?tag=nefd.topVirgin Money to buy Northern RockThere must be money to be made if Richard Branson is to buy struggling bank northern rock. Branson [...]