'Grossly unethical'

'Grossly unethical'

The government wants to put the troubled bank, Northern Rock, into "temporary public ownership" in the coming days, which would lead to compensation for shareholders.

However, the entire chaos for Northern Rock, can be laid fairly and squarely at Gordon Browns’ feet. After all, he was the one, that ensured that no-one from the FSA or the Bank of England, had the overall authority to investigate and stop the practices employed by this and other national banks, with the introduction of his so called reforms.

He and he alone, has ensured that the taxpayer has propped up a business, with public money, some £3,500, for every taxpayer in the country.

Not too sure about the rest of the country, but this is a bill that the taxpayers of Strood & Medway can ill afford.

Meanwhile, letters have been sent to existing borrowers with Northern Rock telling them they could receive a better deal elsewhere when their current deal came to an end.

Letters that previously outlined deals that the bank had on offer, now informs borrowers that they might get a cheaper deal at one of their rivals.

Experts have already spoken of how Northern Rock's mortgage book was being reduced well ahead of the move to public ownership.

Northern Rock’s management have increased mortgage rates so that they were 1-1.5 percentage points higher than other lenders, effectively dissuading new customers, which effectively has downsized the business.

A spokeswoman for price comparison website Moneyfacts.co.uk also said that much of Northern Rock's business came from mortgage brokers, who would have been finding recently that the Rock's rates were higher than other lenders.

I guess with an estimated 60% of customers that were on two-year fixed deals that have started to walk away already, our money is really safe.

Thanks Gordon!

However, do we detect a sudden flowering of intellectual enrichment, or is this a cunning disguise.

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