Being a small shareholder in the Bradford and Bungley building society I received a letter from the Independant Valuer to remind me that shareholders may be compensated.I expect little or nothing but feel sympathy for the people who bought the rights issue-they have been shafted twice over.
One of the questions on the "frequently asked questions" is about the rights issue"I feel I was misled.Will I be compensated?"The real question is not about compensation but about what happened to the money that was collected in the rights issue.I think the compensation wont cover the cost of buying a few thousand shares when they were low.Is a list of debtors owed money to the old society available?Come the next boom there will be less competition and more profits for the survivors-but will greed rule again-followed by another cull-"consolidation".Notice the huge profits made by Goldman Sacks,but of course Lehmann Bros are no longer competition.
What is this government and others doing about a future greed binge fest-nothing.Are they all running scared?
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