The nationalisation of Bradford & Bingley is the most blatant case of legalised bank robbery this country has ever seen, with almost a million shareholders likely to lose a fortune.The whole point of having shareholders in a democracy is that they own the company and can decide its fate between them, including sacking the board [...]
Surely the officers of the bank have exceeded their authority and should personally be sued for this.
If you remember in the initial re-finance was rejected by the underwriters for non-disclosure of the full facts.
I suggest that an insurance policy will have been purchased to cover this and if not, why should these directors not suffer the same fate as us "small" investors?
The artical by Jon Knight (29th Sept 08 - "B&B Shareholders Robbed") is an interesting if shocking revalation of what the Government feels it empowered to do and the liberties it is prepared to take with other people property. The fact that Shareholders have not been consulted and it would now seem will not be compensated is nothing short of criminal.
If this indeed is what the Government feels empowered to do, it sets a dangerous precedent and poses a question with dangerous outcomes.... Should Shareholders of other banks cash in their shares while they still can gain some value? If this was indeed to be the case, would this not also bring about the demise of many other banks and building socities? The Government needs to consider how it closes out the B&B Nationalisation very carefully if it is not to bring about more casualties.
The artical by Jon Knight (29th Sept 08 - "B&B Shareholders Robbed") is an interesting if shocking revalation of what the Government feels it empowered to do and the liberties it is prepared to take with other people property. The fact that Shareholders have not been consulted and it would now seem will not be compensated is nothing short of criminal
If this indeed is what the Government feels empowered to do, it sets a dangerous precedent and poses a question with dangerous outcomes.... Should Shareholders of other banks cash in their shares while they still can gain some value? If this was indeed to be the case, would this not also bring about the demise of many other banks and building socities? The government needs to consider very carefully how it closes out its nationalisation of the B&B if it wishes to avoid further disasters!
That's a good point, AMG - with the current UK bank share prices plummeting, you'd think the government would be making the effort to shore up confidence for investors, rather than leave them no reason to stay invested.
It is disgraceful what the goverment did to BB. They have just supported HBOS and RBS or else they would have went the same way as BB. Something should be done to compensate BB sharholders.
I am outraged at the whole situation with Bradford & Bingley with no information to the Shareholders being given out. This is the response I got when e-mailing them yesterday.
"In respect of shares this is the only information we have at this time:
Shares have been suspended on the London Stock Exchange. As required under
the terms
of the Banking (Special Provisions) Act, the Government will lay a
compensation order
detailing the arrangements for compensating shareholders and any others
whose rights may
have been affected by the transfer.
Please make sure you keep any share documentation as this might be needed
at a later date.
Bradford & Bingley shareholders ?robbed?
Re: Bradford & Bingley shareholders ?robbed?
It is disgraceful what the goverment did to BB. They have just supported HBOS and RBS or else they would have went the same way as BB. Something should be done to compensate BB sharholders.
