Following on from this morning's post, here's something from Accountancy Age on shareholders getting all the downside and none of the upside.

Northern Rock's former shareholders are not entitled to any compensation for their stake in the troubled bank, valuation experts from BDO have said.

Andrew Caldwell, valuations expert at the firm was told to treat the troubled bank as if it was not a going concern and already in administration in calculating how much the bank was worth after stripping out the government's £25bn rescue package.

So the government gets to deduct its rescue package, and there's nothing left for the shareholders. That's completely the opposite of "The upside belongs to shareholders. The down side is public."

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Filed under: Current issues, Other blogs with tags banks, idiots, northern rock, pwned, richard murphy