Have you got a story to tell? Have you been through the mincer of TMBC's Pay & Grading Review/Job Evaluation? Or have you been made redundant by the Guardian Media Group? Do you want to hit back? Do you have a story - or any information - which you'd like us to know in case we can use it in some way to attack the political and media Cartel in Tameside? Drop us a line - email tamesidemafia@gmail.com.

Wednesday, 17 September 2008

Share Watch: GMPF Hammered under HBOS

GMPF HBOS LogoTameside Mafia has its spies everywhere across the Tameside political circuit including one within Tameside Council leader, Roy Oldham's pet project - The Greater Manchester Pension Fund. We have been told that there has been a major cock-up recently when one fund manager decided to sell the "relatively stable" HSBC shares in favour of buying "cheap" HBOS shares.

The GMPF has a very handy page which shows the GMPF Top 20 Holdings for 2007. Those figures were correct at the time of the annual report going out for the end of the financial year. So the price of HBOS shares at the time of the stock market closing on Friday 4th of April were 573p per share. The price of HBOS shares closing in yesterday were at 190p per share. This means that HBOS shares have nosedived by 383p or 66.84% which is nearly two thirds of the original share price. So if we were to take the £100m investment in HBOS from the GMPF and reduce it by 66.84%, that means the GMPF's shares in HBOS have shaved of £66,840,000 from the value taking it to £33,160,000.

Source: Google Finance UK.

So that's yesterday. This morning shares in HBOS took another hammering and went to an all time low of 88p making it look like the next Bradford and Bingley or even worse... Northern Rock. We must add that the price has recovered to 193p as of 13:30 today, but that is only due to a possible take over from Lloyds TSB (LLOY).

Roy Oldham and his fund managers have a lot to answer for. However we hear that for councillors the GMPF panel is an all expenses paid jolly with training sessions regularly held in five star hotels in London and after meetings councillors are treated to a silver service three course meal. You really wouldn't think there was a credit crunch!

No comments: