Sign the epetition for Bradford and Bingley
Give back the shares you have stolen under the guise of B&B not been able to continue to trade without financial assistance. You removed that assistance; put B&B to the wall, nationalised it and then injected the same 'refused' funds. B&B continued to trade; reduced its bad debt book; contributed to its pension fund; has turned in a profit and has a balance sheet worth £1.4m Give the original shareholders their company back or pay compensation and stop this charade
Iif there are more than 100,000 sign ups it will be debated in parliament http://epetitions.direct.gov.uk/petitions/1408
on 13/09/11 it was 5th in votes Bradford & Bingley Shares Stolen View2,22810/08/2012http://epetitions.direct.gov.uk/departments/14
Bradford and Bingley 300p to 55p to 20p to nothing?
Bradford & Bingley, worth 3.2 billion pounds in March 2006, closed at 20 pence on Sept. 26 in London trading, valuing the bank at 256 million pounds
That's less than half the price it asked shareholder to pay for the 828 million shares it sold at 55 pence apiece in an August rights offering, 25% shareholders took up. 30% of the bank was then owned by banks like Santander, HSBC and Barclays that bought the remaining offering. B&B had 2.5m customers and 1m shareholders.
Standing in front of a room full of City analysts on the last Friday in August, Chris Willford had some good news. Flashing up slide 10 on his presentation, the finance director of Bradford & Bingley boasted that a recent £400m fundraising “reinforced our position as the best capitalised UK bank”. His chairman, City grandee Rod Kent, agreed. “We have regained our position as one of the best capitalised banks in the UK,” he said. “Only where we have stretched credit criteria have we had a problem,” said Richard Pym, the City veteran who was installed as B&B’s new chief executive when the less than impressive results were revealed. “We are not going to be doing that again. We are well capable of riding out the current storm.”
The next day the decision by the British Government to nationalised B&B with a share worth of 0p was known to Robert Peston the BBCs financial news guru. Shareholders were angered at the move. One, Jon McKnight, called it "the most blatant case of legalised bank robbery this country has ever seen".
"Surely, at the very least, B&B's board should have called an extraordinary general meeting for shareholders to decide the way forward. It is customary in this country for owners to be consulted on what becomes of their property before it changes ownership. Anything else is classed as theft."
Santander, the group, which owns Abbey, will pay £612m for B&B's retail deposit business and 271 branch network. At close at 20 pence on Sept. 26 in London trading, the bank was valued at 256 million pounds. Santander paid a share strike out price of 48p a share. Funding a banking business with deposits is 50 to 100 basis points cheaper than funding it wholesale so getting hold of £20bn in one fell swoop is probably worth anywhere between £250m and £500m, once capitalised.
The government also gave £14bn - a loan funded by the Bank of England - to allow B&B's retail deposits to be transferred to Abbey. A further £4bn is to be paid by the Treasury to cover those deposits not protected by the scheme. As of the end of 2007, there were more than 940,000 investors in B&B. Basically the government could afford to throw £18bn at Satander, the same sum which would have seen Bradford and Bingley survive into the next century!
Is the B&B insolvent? Actually no. Which you might think is a bit odd, considering all the fuss about the bank's future, and now its nationalisation and dismemberment. Its assets still appear to be higher than its debts.
The second cushion comes from the fact that B&B's shareholders and subordinated debtholders are being wiped out. This, too, can be quantified. According to B&B's accounts, they provide a £3bn buffer