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Richard Branson buys Northern Rock


Autoschediastic

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A damn good move if you ask me from the VM group, looking into this takeover would this mean VM would in fact be getting into the housing market too?

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Aitchbee

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The government sold off Northern Rock at a loss of 400 million pounds. If I had seen it for sale at a charity shop, I might have bought it. I admire MR Virgin's bargain dexterity.

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MAJ

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Just wait a while and let's see who, in a few years time, becomes a non-executive director of the company, getting half a million a year for ten hours 'work' a month.

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buteman

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If I remember right I think Branson tried to buy either that bank or another at a rock bottom price when the financial crisis hit the banks.

Just wonder if he had to pay a lot more this time.

He is always on the lookout for bargains so wonder what he has his eye on next.

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buteman

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Looks like he had to pay 5 times as much.

The firm, majority owned by Sir Richard and billionaire Wall Street investor Wilbur Ross, had first made moves to buy the Rock for £200m before it was nationalised in February 2008.

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morddwyd

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"other businesses have folded."

Eventually.

Governments poured tens of millions into the likes of Railtrack, British Leyland, British Steel etc. without even having any shares to show for it.

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Aitchbee

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Mr Virgin should also buy up, all the charity shops, in the land, now wouldn't that be an entrepreneurial 'Sale of the Century'.I think he might stop at seven hundred and forty seven.

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Pineman100

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AitchBEE - you might also like to consider that Northern Rock is currently offering one of the best interest rates for instant access cash ISAs.

Being with one bank for 10 years means nothing. What matters is protecting your cash as best you can from inflation.

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john bunyan

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Pineman 100 "What matters is protecting your cash as best you can from inflation." Apart from the (recently lapsed) National Savings scheme which tracked inflation, I do not know any bank or building society that even matches inflation - currently at around 5%. In all of them savings lose money! The alternative is risk in share type investment. I agree you need to try to lose as little as possible..

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Pineman100

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john bunyan - you are of course quite correct. I don't know of any instant/unlimited access deposit accounts that currently pay the rate of inflation. But if you're prepared to move your money around once a year you can do a lot better than leaving it an account for years. Most savings accounts over a year old are currently getting around half of one per cent.

Derisory!

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