Finished? No. Finished as independent commercially viable businesses? Yes.

The Bank of England stepping in as they have to underwrite the Rock or as the newsreader on the 10 O’clock news last night referred to them “Northern Wreck” we have seen the UK government follow in the footsteps of George Dubya and underwrite the current financial crisis and take some form of responsibility for it.

Trumpo thinks that the Bank of England and the UK Government have woken up six weeks too late and thought oops, this isn’t going away, what the hell do we do?

Government response…

“I know, the UK population trust us so we will go on telly and tell them that their money is safe”

Public response…

“Let’s definitely withdraw our money, and fast…”

First of all, the savings are safe, and as Trumpo has a mortgage with Northern Rock, I hope that Northern Rock and the other troubled lenders mortgage rates aren’t going to go up too much to balance the books.

Unfortunately the banks that rely on 3rd parties for their funding are now “at risk” and as such are damaged goods, safe - but damaged, and their only hope of recovery is a quick and orderly acquisition by one of the big true asset backed clearing banks.

This whole situation is about poor handling of a well known problem that has been brewing for months and a head-in-the-sand mentality by the Regulator, the Government and the spin doctors.

Trumpo’s opinion is that when the dust has settled, heads will roll in Government Offices and FSA HQ for the poor handling of a situation that nobody wanted to take responsibility for. Their lack of action has resulted in terrible and preventable expense to the consumer and the mortgage advice community as a whole, many whom have to bear the brunt of it all - clients homes being lost, jobs being lost and an industry turned on its head!

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