George Osborne - Guilty of fiduciary mismanagement?

I'm sorry to potentially upset those who might think that George Osborne is a safe pair of hands at the helm of UK plc's financial dealings but following the sale of Northern Rock to Northern Rock to Virgin Money for £747m I have to say that this is past 'Virgin on the ridiculous' it is downright blesséd criminal (or perhaps, to do him a favour, merely totally incompetent!)!

We are seeing members of the armed forces facing redundancy should they be silly enough to find themselves wounded in combat. We have libraries closing as Councils cut back their spending (CCTV in cabs excepted of course)! The number of young people without employment and the rising number of NEETs (post 16 Not in Education, Employment or Training) all add up to make one concerned and to crown all things there must be . . . .

Let's do the sums and see?

Northern Rock has cost the British Taxpayer something in the region of 1,400,000,000.

The Company was then split into two: Northern Rock plc and Northern Rock (Asset Management), the former being the 'good' business and the later being used as a receptacle for the 'bad' debt.

The company has shed some 3,000 staff (many of whom are probably now are receiving benefits)

And we sell it to one Of that nice Mr Branson's companies for £747,000,000

1,400,00,00 - 747,000,000 = £653,000,000 (it could be less, but it couldn't be worse!)

Northern Rock (Asset Management) is a black hole that accounts for c.£21,000,000,000 (but rest assured, we are not going to sell that to anyone - it's all ours!!!).

There is a bright side in that there potential for another £150,000 and then (possibly) another £50,000,000 and if Virgin sell the business on or relist it on the Stock Market within a five year period there could be another £50,000,000.

So, if they make money out of it, and one has to ask, "How could they fail, they have the good business," we might see another £250,000,000 in all.

Back to the abacus and we find a minimum loss of £403,000,000 (and we still have the Asset bit)!!

I just love Virgin Money's Chief executives view of it all, "We think we have made a great offer!"

It certainly is, but for whom?

The disabled in Birmingham who were to have their care cut to fund cuts?

Those whose library (and related services) are, or have been earmarked, to be cut?

Those local government workers who will find themselves unemployed (and paid by us through increased benefits)?

I'm sure you can add to this list (you are welcome to) and on a week when protesters have been told to move from St PAul's Cathedral I can but applaud the timing and the demonstration of just who benefits from the way our society, nation and the government operates. If anything was designed to see people take up the protester's cause, it is surely this.

Well done Mr Osborne!!!

Now what's this week's OT Lectionary reading about 'fat' sheep????