Word: returns
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...short of cash after the money markets it depended on for funds froze over last fall. There were two private bids - one from Richard Branson's Virgin Group, another from the bank's own management. But the Treasury's statements indicated that they fell short of offering enough in return for the $100 billion in loans and guarantees made to Northern Rock by taxpayers. Goldman Sachs, the investment bank advising the government on its handling of the company, didn't disagree. And in a bid to return Northern Rock to the private sector as swiftly as possible...
There'll be a lot more developments to follow. It'll be years before Northern Rock can think about returning to the private sector. And though it'll be managed by Sandler "at arms length," as Brown insisted to reporters Monday, the potential for further government embarrassment remains high. Shareholders of Northern Rock - unlikely to get much in return for their investment - are threatening legal action. Robin Ashby, founder of the Northern Rock Small Shareholders' Group, said the bank had been "stolen away from them." Worse still, the dirty business of trimming the bank's 6,000 strong staff - something...
...industries. The Conservative manifesto, on the other hand, pledged to do the opposite on just about every issue. Aside from staying in the European Community and keeping the missiles, the Tories vowed that they would not resort to inflationary spending to stimulate the economy and promised to return already nationalized firms (British Airways, British Telecom, Rolls-Royce) to the private sector. The Prime Minister took special delight in promising to reform the unions, her bitterest enemies and the lifeblood of the Labor Party (they provide 90% of its funds). The middle
...continue through the village if it was so dangerous. After three hours the soldiers released us, with one observing that there had been "some dangerous types in the area." When asked to elaborate, he said: "You're pissing in the wind there, buddy." Then we watched the soldiers return to fruitlessly searching the hillsides around...
...East - airbrushes out unpleasantries that call for a deeper examination. Significant charges of corruption are dismissed as politically motivated, and her government's early support of the Taliban regime in neighboring Afghanistan is forgotten. Her insistence that 3 million supporters thronged the streets of Karachi to greet her return from exile strains credibility, especially as most journalists and observers put the number at a generous 300,000. Most egregious however, is her overwrought descriptions of the terrible blast that same night. The death toll is enough; her account of watching a video of the event later and hearing the faint...