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Richard Branson buys Northern Rock

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Autoschediastic

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Posted November 17, 2011 at 9:08AM

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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Autoschediastic

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Posted November 17, 2011 at 9:12AM

& here is the link i couldnt put on the forum before as the news was so new lol

Story Here

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Aitchbee

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Posted November 17, 2011 at 9:19AM

The figure of 747 million pounds - might be a 'working title' for VM's new acquisition! It's a big airplane, isn't it?

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anskyber

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Posted November 17, 2011 at 9:53AM

Fine, but Northern Rock (Asset Management) still owes £21 billion to the taxpayer so the sale, although welcome, is a relative drop in the ocean.

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morddwyd

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Posted November 17, 2011 at 11:01AM

Perhaps we should do what the Italians have done, and have a cabinet of industrialists and technocrats, with Branson as Chancellor, or perhaps Trade Secretary!

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Quickbeam

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Posted November 17, 2011 at 11:45AM

The midas touch from someone is needed at the moment.

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john bunyan

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Posted November 17, 2011 at 4:46PM

anskyber. Not sure where your 21 billion came from. I thought it was £1.4 Billion.See here:

http://money.uk.msn.com/banking/northern-rock-bought-by-virgin-money-what-it-means-for-you

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Aitchbee

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Posted November 17, 2011 at 5:25PM

If The new Virgin Money Bank (747) want me to move my money into their hands, then give me free mobile broadband or something similar.I have been with my current bank for 40 years. All banks are after your money.

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morddwyd

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Posted November 17, 2011 at 9:03PM

"All banks are after your money."

Like any other business, that's why they exist.

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Aitchbee

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Posted November 17, 2011 at 9:38PM

morddwyd - banks are not 'like any other business'.Government has rescued them, while other businesses have folded.

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Jameslayer

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Posted November 17, 2011 at 9:50PM

John Bunyan he is refering to northen rock trhe bit were they put all the bad debt.

The size of the potential losses contained in the bad bank part of Northern Rock is still uncertain and it still owes the Treasury £21bn.

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