It shouldn't have been necessary!! All the financial institutions shouldn't have been so greedy to take so many risks.
Their executives should be fined from their own income and certainly not paid any bonuses for the next few years.
As far as the mortgage side of the business is concerned, I don't believe the government had any choice but to take ownership.As for the savings part, then maybe i'm simplifying things too much, but as they were being split anyway, and this part was alledgedly doing OK, surely there was a case for allowing B&B to remain as it was, and live to fight another day? At least this would have allowed others like myself to salvage some if not all (eventualy) of our cash invested in shares schemes which we have been advised to take to suppliment our pensions and savings for old age.
As a Building Society Member I benefitted from the B.& B. 'Flotation' but VERY RAPIDLY realised that this was followed rapidly by GREED & VERY POOR SERVICE to clients & therefore sold my 'Free' shares and took my business elsewhere.
Anyone in ANY business that begins to offer poor service needs to make sure they are NOT shareholders nor capable of loss as a customer.
[Appplies across all areas, not just banks.]
Quite often Poor Customer Service can clearly show advance warning of a business crash impending.
It needs to be made more clear to the public which high street names are /are NOT Mutuals.
the government engineered nationalisation to rob shareholders and the tax payers ,the see this as an opptunity to gain companies at the expense of tax payers
why did they wait for rights issue to go ahead first(they gained an extra £400m)
they nationalised before dividend payout robbing shareholders of even more cash ,they company was taking steps any way was the government afraid they might be succesfull (so not having an excuse to nationalise)
they were quick enough to take action against money that iceland would gain instead of them.
a few years from now they will gain another load of cash by offering shares to the tax payers in these companies.there ought to be laws against government to as there is fir criminals who fiddle taxes(mainly MPs)Part of b&b was sold of so wheres all this money gone we know the risks as shareholders but not risks of government actions so there should be a strong case against the goverment,as they know that going to europena high courts would cost shareholders but the government=tax payers expense is it any wonder alot of firms and individuals have to spent a lifetime trying to hide there money not from criminals but government itself(the more they fleece people the more they will drive all industry and money away from the uk untill uk becomes effectively a third world country with no cash but plenty of debt.They should remember the old saying never bite the hand that feeds you
The people in charge should be held responsible for the problems at B&B they were greedy in the quest for growth and took risks which had the shareholders been fully aware of at the time possibley not accepted
I only hold a few shares which were left to me by my Mother following her death just under two years ago. This was the sum total of her estate she had little savings and assets but probably thought that leaving these to me would become my little nest egg. Sadly this was not to be however my heart goes out to the other small shareholders who unlike myself had a little money and choose to buy more shares weeks before the total collapse of B&B many will now be left with nothing and possible no way of recuperating this
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