tony & labour party V Unity Trust Bank/Co-Op Bank

[david.m]

iv been following the Guido's Blog Guy Fawkes' blog of parliamentary plots, rumours and conspiracy

about the labour party troubles before the papers aired it

and wondered if tony would be taking the banks to court over their unlawful charges on him and his mates, wonder if hes got a default now that he's in finantial trouble 8)

 

hmm , it cant be in the small claims courts thats for sure.

 

"Thursday, August 24, 2006

Officially the FSA is making no comment. Unofficially they are watching the situation closely. The FSA rules require that banks make a Large Exposures Policy Statement:"

 

"Guido wonders how UTB's policy statement must read. Guido imagines it is something like "We decided to risk lending a quarter of our shareholder capital to one borrower after the borrower's chief fundraiser was arrested, their income collapsed and their unpopular CEO himself became the target of a police investigation into the illegal sale of honours for cash. We were reassured of the wisdom of this lending when they made their remaining and so far un-arrested fundraisers redundant. We'll let you know if they arrest any more of our borrower's employees."

"

 

Unions Launder Support Via Unity Trust Bank

But Isn't Labour a Bad Credit Risk?

 

"Labour is in dire financial trouble, if it were a business the lawyers would be warning the directors that they were in danger of trading whilst insolvent. In that situation directors become personally liable for a company’s debts, risking the confiscation of director’s assets and criminal prosecution for failing to observe a director’s fiduciary duty. In this time of desperate need they have sought bank financing, primarily from the Cooperative Bank and Unity Trust Bank. The financially strong Co-Op has of course a long history of supporting the Labour party and also owns 26.66% of the small Unity Trust Bank. The remaining 73.23% of the total equity capital of Unity Trust Bank plc is owned by the trade unions and they control the bank's board*. Total equity capital at 31 December 2005 was £16,429,301."

 

 

Saturday, August 26, 2006

Unity Trust Bank Scandal "Loans for Favours"

"The article refers to the £6 million sale of the Labour HQ to help repay £2m to UTB due at the end of last month. Guido understands that there was, after paying off the mortgage to the Co-Op Bank, only £500,000 or so in equity left over. Not even enough to meet this month's wage bill."

[andrew1]

Tony does a Dame Shirley Porter - " bye bye Tony" !