Bradford & Bingley Building Society

...THIS B&B

BRADFORD AND BINGLEY

The natural instinct of capitalism is to devour all wounded. No humanistic values matter in the financial sector. Capitalism has hit a ?brick-wall? and now ?new capitalism? has to be re-born for capitalistic markets to be recognised as having any worth. Hence, the lending laws, have been changed along with FISCAL laws along with reviewing financial sectors; whether for it?s worth or basic ethic ...
...the current downturn. In fact Bradford and Bingley (B&B) are not even classified as a financial dwelling. They are in fact trading, but are not. Confused? Yes, exactly, let me entertain you further. B&B have an excellent facilitated office environment fit for two men in bowler hats. They treat their clients with utmost of fascination now; B&B staff have inherited a quirky offset wince; since September 2008; confidence is whittled down to a shell ... more

CIAO REVIEW - DATED 12-02-09

Titled: NO VACANCIES IN THIS B&B

BRADFORD AND BINGLEY

The natural instinct of capitalism is to devour all wounded. No humanistic values matter in the financial sector. Capitalism has hit a ?brick-wall? and now ?new capitalism? has to be re-born for capitalistic markets to be recognised as having any worth. Hence, the lending laws, have been changed along with FISCAL laws along with reviewing financial sectors; whether for it?s worth or basic ethic criteria; No I re-phrase it, cut the ?ethic? part. I?m trying to be not politically correct, but just accurate with my diagnosis. There will be no dancing girls offering you nibbles, nor will there be refreshments as, due to the current downturn. In fact Bradford and Bingley (B&B) are not even classified as a financial dwelling. They are in fact trading, but are not. Confused? Yes, exactly, let me entertain you further. B&B have an excellent facilitated office environment fit for two men in bowler hats. They treat their clients with utmost of fascination now; B&B staff have inherited a quirky offset wince; since September 2008; confidence is whittled down to a shell and obvious nervousness has completely casseroled them, while they grasp a? wait for it ? Abbey saver plan. ? Management have been instructed by the higher bodies of non entity to avoid customers completely. Now the BoE has done the obvious and cut interest rates to 1% to help the banks to lend again. Their will be no vacancies in this B&B again.

Bradford & ?Binley? plc is a British bank with its HQ in the West Yorkshire town of Bingley. They did provide a mortgage and saver plans to customers with bowler hats and enjoyed onion soup every lunch-time. They were established in 1851, the same year as ?The Great Exhibition? devised by Prince Albert. In 1964, they merged with ?Bingley Equitable? and became Bradford and Bingley. They were once the biggest mortgage lender in the North of England and had a portfolio worth of the state of Congo. Impressive statistics and figures that had pride of their upper class bowler hat image. In the late 1990?s B&B had huge payouts for share-holders and directors alike and was a supremo hard hitting lender with as much clout as a ?super heavy weight? champion.

In 2008, due to ?Browns credit crunch? and the current downturn and toxic debt due to bad credit and giving everyone money who wore a bowler hat, the bank was split into two parts, after the share price plummeted to below freezing; the mortgage book which was nationalised and the deposits and branch network which was sold to Abbey, owned by the Spanish bank ?credit crunch immune? Grupo Santander.

On 29 September 2008, after a weekend of twittering and head scratching, the British government announced that the troubled bank, whose profits were adversely affected by the credit crunch, had been part owned by the taxpayer; without going through the relevant credit checks nor went through the House of Commons, ?Old Spice? brigade. The winners were Grupo Santander due to buying up a £20 Billion savings business. The loser?s being the UK taxpayer for being shafted for the rest of the crazed toxic debt, delivered onto the tax paying public doormat like a gift-wrapped dog turd. Resulting in higher taxes for the long term for the ordinary folk and yet again leaving alone tax havens for the super rich.

There's no doubt this year has been a catalogue of disaster for B&B. In June, the bank stole the headlines when shares were suspended for 18 minutes following a profit warning by the lender; like Woolworths the state of the share price was as rocky as ?Rocky Bilboa? after 10 rounds in Rocky III; except Woolworths were given to the creditor hounds for dog meat, while the Bowler hat boys were sent Millions in bonuses, for doing such a great credit sapping job; these no doubt will have a permanent tan due to too much facial exposure down under.

The problem with Bradford and Bingley (B&B) is it prides itself as a specialist lender, with buy-to-let and self-certification mortgages forming the bulk of its mortgage book, opening up room for account default at such an epidemic level an astonishing 5.11% of all BTL (Buy to Let) were reliable default merchants. Not surprising now, especially while UK is now having the worse recession in living memory and the new business minister ?Prince of Darkness? Lord Peter ?Mandy? Mandelson is too busy papering over the cracks in his prized new office wondering what colour his shade of magnolia his walls will be painted next month, or will it be wallpapered instead ? decisions, decisions. ? Forget the poor B&B work-force who are in line for the chop, actually just over 300 ex employees have already been released since the end of September 2008; there are two to many where I live near London.

I can still honestly say that B&B are able to heat their offices up, hence the number of homeless people scattered around the foyer, is rather staggering. Today there is a laughable notice that you can win £10,000 if you see a savings expert within the branch; or anyone as a matter of fact. The deal is for a limited time only; again probably because next week, a new coffee shop may appear in its place. The phrase, ?You?ve got to be in it, to win it? comes to mind, for these poor ex B&B workers. It has become so apparent also, that done of the 337 UK branches have so far not been taken over or been knocked down as far; which leads me to think, that just maybe they are waiting for a Starbucks buy-out for the premises.

Many of Bradford & Bingley's assets now belong to Spain's Grupo Santander, the bank which already owns Abbey National and bought Alliance & Leicester in early 2008. The Spanish bank is paying £612 million, and has gained an incredible 197 branches from B&B saving sector. ? It was very well published that the PM Gordon Brown had a big hand in the quick rescue of B&B Saving deposits, during the potential financial melt-down in the UK at the end of last year. Saving face was the main reason that would possibly would of brought down the government, if the dithering continued at the level it so apparently was at the end of 2008.

Grupo Santander to the rescue...again and they?re making a habit of it to.
?Of course it is good news for savers, as they have had an uncertain future till now? quoted, Grupo Santander chief executive António Horta-Osório. He then proceeded to state; "They can be certain that their hard-earned savings are with a bank they can trust." ? All sounding a little bit like an Abbey National commercial, all we need is Alan Davies and a few acorns scattered everywhere encrusting a familiar sound of ?new beginnings? and all that dribble. Hardly what the hard-nosed Bowler hat stiff upper lip image Northern folk would prefer to lay their hat on. Then again, they are in hard times as the media keep drilling into us that deems dooming a hard grasping lengthy recession that could bring-on a depression. Nothing like looking on the bright side is it. It maybe a great idea to re-place the Bowler hat with a crash helmet logo; that would at least be more truthful to an image that has embarked it?s whole self being as an upper class branding, now gone to the wall. Santander is simply humouring us UK and throwing it?s weight around diminishing all British folk-law brandings in it?s wake. I?m now expecting Tapas voucher handouts for new customers; if they can find any, customers that is.

The B&B supposed market over recent years, specialised in lending to the buy-to-let market and "self-certified" loans for the self-employed, both categories at the riskiest end of mortgage lending; due to poor business acumen and planning the guy who claimed to be a property developer was ex plumber, failed to recognise an obvious flaw. They couldn?t sell into the BTL market. What was a dream became a nightmare, because realities hit home and told them ?your too thick to realise what an ape you have been?; The stupidity lies in B&B?s obvious failings of believing crazed and wacky individual credit worthiness and being more engrossed in hitting targets.

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Unlike Northern Rock, where the state has tens of billions of pounds in guarantees, the B&B isn't likely to cost taxpayers anything on paper as yet, except for loss of UK taxable income from employees, however, the possibilities of Santander?s saving stake of B&B being bought back by UK government and being state owned is quite high; even if it is to just safe-guard deposits. Santander?s Chief, Horta Osorio will no doubt come-out of it smelling of roses regardless of B&B?s plight in the financial market. His close connection with Gordon Brown and the UK?s treasury is very evident, considering how quickly the whole take-over of B&B Savings took. In comparison Northern Rock?s now evident nationalised status took for eternity for any outcome as dithering seemed to be the answer at the time. I fear B&B?s outcome will be again at the cost to all UK taxpayers within 18 months as the potential risk outweighs the current downturn market. Hence, the fact that prophet Ed Balls has claimed we are in the worse depression since the great depression and further more could be more severe; name it the ?greater depression?; from ?great balls of fire?. Thank goodness he is not a school lollypop man. There would be carnage where-ever he goes.

This week we have had the ?big four flops? in UK banking being questioned for their crazed inept banking acumen. I can claim, as per usual the outcome was a complete farce as they all claimed they were sorry but without any recognised remorse or even a hint of decorum or professionalism. They were briefed far too well regarding the sort of questions that were quick fired to them. They looked as if they were ready for the gallows in the way which they were lined up; but yet as per the norm the investigation lacked any public scrutiny or passion. All bonuses they have received should have been stripped from them since 2007. Their corporate sourness identifies a real problem in the capitalistic market that banking is the whole route nucleus. The government says ?new capitalism? is dawning, but how can we start a fresh when the whole old capitalism rears its ugly head. This week proved that all financial institutions are flawed beyond belief. B&B are part of this stream of toxic ethics and shear arrogance. B&B?s employees are under-rated and non functional. Santander in my opinion are not sure what to do with the old B&B loyal savers; they have had ample time to re-brand B&B and re-invent a plan that could kick-start new business; but as yet they have not done so, which is very worrying for the hardcore employees which reside in the B&B building with no vacancies.

Thank you for reading this review, I hope it was of some interest.

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