Sunday, July 20, 2008

Northern Rock Crock Block Shock

Former Northern Rock chief executive Adam Applegarth: at best incompetent, at worst a crook.

Now, for better or for worse (it'll be worse), we taxpayers own Northern Crock—whether the government thinks that it should be on their books or not—and, as such, we have a right to know what the hell is being done with our money.

So you can imagine my irritation when I discovered, via Guido's Sunday Sleaze Roundup, that the Crock management are hounding a whistle-blower.
A former Northern Rock employee says he has been driven to the brink of suicide after the failed bank accused him of blowing the whistle on its fat cat culture.

In an extraordinary six-month campaign of legal threats, Northern Rock has been pursuing Andrew Kirkland, a 26-year-old systems analyst, claiming he is responsible for leaking details about the huge bonuses secretly awarded to its bosses along with plans to close branches and freeze assets.

Kevan Jones, Labour MP for North Durham, told Parliament last week the bank had no business attacking a ‘whistleblower who exposed the outrageous bonuses the previous management were paying themselves’.

Speaking to The Mail on Sunday – which first revealed the payments – he said: ‘They’re hell bent on pursuing this bloke.

'They should be putting more effort into making sure the bank is a success rather than going after these things which are pretty old hat.

'They are using taxpayers’ money which should be put to sorting the bank out.’

Well, one can hardly argue with that, frankly. And what was this whistleblower revealing?
Mr Kirkland’s ordeal began after it emerged that executives at Northern Rock – some of whom were blamed for last year’s financial crisis which led to the resignation of chief executive Adam Applegarth – were being paid hundreds of thousands of pounds in special retention bonuses, effectively doubling their salaries.

He also appears to have been held responsible for a story last month, relating to the bank’s plan to close branches and freeze accounts without warning, leaving customers with no access to money.

This plan, which was discussed immediately after the crisis became public last September, was never implemented.

Let me make this clear: Northern Rock was effectively finished as a business. It was bust until the government decided to bribe its northern voters bail it out with our money. The executives and management who bollocksed up the bank should have left, a la Weakest Link, with nothing. Instead, greedy, incompetent cunt and chief executive Adam "arsehole" Applegarth, for instance, got a £750,000 pay off. Paid for by us.

Now, I think that that information is in the public interest. Because the fact that the new management were willing to pay this fucking failure three quarters of a million pounds of our money—when he should have been sacked with no compensation whatsoever—rather suggests that the new management have as little grasp of finance as the previous management.

Only the new management has billions of pounds of our fucking money to play with.

Oh, and can you guess which lawyers the Crock have been hosing down with our cash? Go on, have a guess...
The Rock has employed London law firm Schillings – which advised BP boss Lord Browne in his disastrous litigation against The Mail on Sunday – to represent them in their actions against Mr Kirkland.

Yup, it's that bunch of bastards again. Well, Schillings has form, after all, the sleazy, hideous cabal of evil little shitholes.

Fucking hellski...


Anonymous said...

Cunts like Matt Ridley were always spouting shit about how they're risktakers and deserve a reward. Well, anyone who does put his neck on the line and does well should reap the rewards, I agree. But he should have taken the consequences and suffered when he lost, because it was his own fault anyway, the incomptent twat.

I am probably not as economically liberal as you, but I agree with the basic anti-statist premises, and agree that now we have the worst of the private sector and the worst of the public sector, because New Labour like Old Labour want to control everything but have no idea what they're doing.

This is not a free market, it's an alliance between large corporations and the state to prey on us and thwart small enterprises and self-reliant people. But it's hardly surprising that people turn to socialism: even though they are wrong in doing so, it's a vaguely understandable reaction to this business model... which in fact is the exact opposite of a market economy, but which shamelessly uses our rhetoric.

Northern Crock should be suffering, they've "earned" it. Yes, it's an obscenity for fucks like Applegarth and Ridley to take our money, whilst mocking us.

Roger Thornhill said...

The payoffs have nothing to do with risk-reward or capitalism but everything to do with Statism and Corporatism.

Anonymous said...

"This is not a free market, it's an alliance between large corporations and the state to prey on us and thwart small enterprises and self-reliant people."

It's called Fascism, the most successful political system ever, but which dare not speak its name. As for Applegarth, the motherfucker is a real conehead isn't he? Cunt should buy a hat, he can afford it.

Anonymous said...

What a pity it has come out this weekend and there is no PMQs on Wednesday - could have been red-faces all round on the Labour front bench.

Then again, given the brass-necked, bare-faced mandacity of the cunts, perhaps not.

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