Given that we all now have billions of pounds tied up in Northern Rock......?

Question

Why are some Northern Rock shareholders moaning about possibly suing the goverment if the compensation they get is too little? These people don't complain when share ownership gives them massive profits. They should accept that shares can also become worthless. This bank should have been nationalised months ago when the Bank of England lent it money. Thankfully, it is being nationalised today.

Answer 1

They are also the owners of the bank.  Would it be ok if I stole the ownership of, let's say, your house ?  Would you object ?

Answer 2

Interesting considering that the Bank of England is autonomous.

How can people sue the ones who are rescuing them?

In suing the Government, they would effectively be suing the whole population of the UK. (taxpayers). why should you and I pay for the mistakes of the directors?

As you say, buying shares is a risky business.  Do you think that if they had made vast amounts of money, that they would have shared it with us?

Answer 3

As i very small shareholder in Northern Rock, I never asked the government to nationalise the bank & effectively risk £3,500 per tax payer in the process, infact i was quite looking forward to virgin taking over & helping A. the taxpayers myself included, by not risking government funds & B. my very small pot of shares to increase perhaps just enough to sell my shares at the price I purchased them, so give us shareholders a break we've lost out two fold as a tax payer & shareholder who was simply trying to make my life that little bit better, but now I'll have to slave away at my desk that little bit longer. or may be i'll just be a bum and claim of the state !! that will cost quite a bit more than £3,500 per head.