Jameson’s Blog

By Wikipedia definition, the term collaborative writing refers to projects where written works are created by multiple people together (collaboratively) rather than individually. Some projects are overseen by an editor or editorial team, but many grow without any of this top-down oversight.

There were few attempts of carrying out collaborative writing methods in an online environment. They can be roughly sorted in two major disciplines:

• Interactive fiction - process in which everyone can add a chapter or a section to an ongoing storyline making a set of possible alternatives. By submitting follow ups to their favorite scenario, contributors branch out storyline towards many possible outcomes. Main benefit is in allowing almost Darwinistic selection principles to determine the natural flow of the narration in favor of the home refinancing resistant variety. Downside of this form of collaboration is that it suffers from the lack of other regulatory principles. As a rule, the result is a cloud of incoherent visions insurance quotes auto interpretations of initial plot or idea. Usually, such projects do not have clear mechanism to accomplish the story by navigating it to the closing chapter.
• Wiki stories - are fully accessible writings which content may be freely edited and modified by contributors. Usually, this kind of collaboration is suitable for scientific and encyclopedia-like publications, where the collective wisdom and community knowledge integration has a priority over esthetics and creative expression.

Make Literature Online - Fresh Approach Unlike traditional Literature, where creative writing is secluded (from the attic/basement) process, fully subjected to the isolated author experience and imagination, we wish to use all advantages of Internet communication channels to provide intelligent collaborative writing environment in which readers and writers meat together, share their ideas, reviews, experiences and knowledge, and listen to one another all way through the injury compensation claim literature creation process.

To avoid mistakes of previous similar attempts, we had to make a structural environment by donating cars some rules of engagement:

Project framework — The main unit in new Collaborative Writing conception is not the chapter (which is usually the case in interactive fiction schemes), but the New Fiction Book Project. To make a structural foundation for solid project management, we defined a framework in which all literature platinum visa credit card are sorted in six general categories:

1. Science Fiction and Fantasy
2. Mystery and Horror
3. Crime and Thriller
4. Romance and Comedy
5. History and Adventure
6. Children and Social

At one time, there may be only one active project in each genre. That makes six active projects simultaneously overall. In other words, all community efforts are focused on writing one particular fiction book in each genre.

Project management — Each project comprises of stages that are organized like separate writing contests:

1. Storyline - Idea submissions
2. Opening chapter
3. Middle chapter 1, 2, 3…
4. Closing chapter
5. Book cover design
6. Book finalization tasks

Selection cycles are organized around the forum topics attached to each stage, with review submissions, user rankings and discussion. Writers in this stage may receive a valuable feedback for their writings. The goal is to select the best option for new chapter, one that reflects general desire of the community.

Advanced rating algorithm — To be sure that only most quality content will be making the official draft, a complex rating algorithm has to be developed. It takes in consideration many different factors, some of which are:

1. Submission time
2. Popularity - how many unique views the item received
3. Ranking - how members vote
4. Number and quality of reviews
5. Compliance to the main idea and storyline

It is important to stress that despite its complexity, this rating system has its transparent interpretation which can be easily reviewed at any time for each particular item.

Project Micromanagement — One major problem related to dealing with collaborative writing projects is the fact that you cannot actually impose some firm timetable in the environment in which so many things depend on other people behavior and so many other limitations involved. The only way around is to establish the Project Micromanagement, the set of additional rules and criteria, that automatically handles each of these particular situations. Some of these criteria are:

1. Minimal submissions per stage to start voting process
2. Minimal number of ranking received before an item is considered
3. Maximal number of submissions per same member
4. Maximal number of votes per member per stage
5. Minimal rank limit for selected item

Project Time line — It defines each project dynamic by marking out significant check points and time frame in which each of them should be reached.

1. Stage launching time
2. Submission period
3. Voting period
4. Results consolidation period
5. Project idle period - time between two consequent projects

In conjunction with Project management, Project Time line determines transitional procedures between consequent stages and makes the spine of the project development.

We strongly believe that Fiction Collaborative Writing has a bright future. Loose coordination mechanisms and luck of editorial monitoring that was missing links in the past, with principles, rules and criteria presented here, no longer play a role in an on line collaboration. Writing the real, solid state books of fiction on Internet, with www.makeliterature.com/blog/elementary-writing-book”>Make Literature Online innovative concept for the first time becomes present reality, not the future fiction.

Make Literature Online is Fiction Collaborative Writing community and Social Network.

Our Mission is to offer alternative and authoritative resource of free, entertaining, quality Online Literature, and one stop environment for everyone looking not only for good reading experience, but also, for the opportunity to shape that experience by taking active role in its creation.

www.makeliterature.comwww.makeliterature.com

I had the privilege to meet Chanon while vacationing in Israel last month. Chanon is an amazing young woman, striking radiating passion, intensity tax attorney love for life and people.

Sitting outdoors in a lovely Tel - Aviv beach restaurant I noticed this girl dressed instant auto insurance quotes in white walking elegantly and swiftly towards the online auto insurance quote next to me. There were quite a few young men and women sitting there earlier. The group made a point to honor their friends wedding taking place in Israel. 100 OF THEM flew from Amsterdam to celebrate the occasion. I discovered the story after opening small conversation with them introducing myself and the friends I was eating with.

It was a warm night and the sky was dark and filled with sparkling stars. I felt good and deeply nostalgic. The place brought me back to memories long insure car and a life I once knew so well.

Indeed I was intrigued by the group of youngsters but my utmost attention was grabbed by Chanon.

I knew instantly that this young lady has amazing grace and is artistically talented. She smiled when she greeted her friends, hugging them and kissing them with love and kindness. I could tell that she was on the tired side but nevertheless she seemed so happy to be there and with a quiet gentle soul she took a seat at the table behind mine. I an inquisitive woman must confess had to turn around and approached her with a few questions in a flowing fashion. She seemed such an artist and I detected a certain mystery about her.

And indeed she is. Chanon is a true real impressionist of today’s times. She is gifted beyond words.

She shared with me what made her develop the talent for painting, even though I believe that she was truly born with it however a very special person entering her life turned her inner key and while the relationship grew her desire for painting became deeper. The relationship ended as most of them do for obvious reasons; change, lack of trust, the search for freedom, career, other influences, conquering more, hunger for something else, boredom, finances, temptation, etc., but Chanon walked away with a rare gift; the clarity and the motivation to express, to explore and release her feelings, her experiences and her emotions on canvas finding the fine touch brushing all of that merging it in color.

Since we made friends from that very night we kept in touch and Chanon is sharing with me photographs of her paintings.

I have been fortunate to visit most of the famous worldly museums around the world but I must say that her work is not only skillful but also delightfully powerful.

The expressions and the colors talk to you…they laugh with you…they cry with you…they dance with you…they sing to you…they listen to you…they kiss you…they hug you, they love you…they stay with you…and they leave you touched and changed…they bring out the fire for life in you…the passion to connect…the adverse credit remortgages to become..,and the freedom to experience as faces and places come and go through time.

I had to expose and share with you the story and the works of this amazing woman.

Where is she going from here? To bigger and more powerful exposure. The impressions she shares with us are coming from her soul, her heart and her genuine life experiences.

All I can say…go for it girl. Let the world get to know you and I know that you will embrace it all as the chapters of your life will enter one by one and you will brush off in the process the darkness and replace it with more and more light, talent and the desire to express.

When talents and skills dance together the music will continue to play in our minds and hearts while the hands move so gracefully.

Good luck, continue your mission. You shine through the rainbows of your works.

Ana Weber an International Time Solution and Relationship coach. She is genuine and passionate about life, people and attitude.

Ana is also a freelance journalist. She earned recognition for her articles. She published several books exposing relationships, business, personal and teenage issues.

Presently she is finishing up a powerful book/guide titled “Your 48 hours in the day” The world simplest time solution guide, a revolutionary book, shifting from stress to enthusiasm. Ana lives in Southern California. She is an independent woman enjoying the company of her family and friends, especially her two grandchildren. They indeed inspire her tremendously as she understands more and more the colors of life.

Ana Weber 888-416-1088

You may e-mail directly to Chanon Lauffer; chanon@chanon.nl

A new computer, like a new car is fast when you first bring it home, but after a few miles it slows down buy settlements can leave you stranded. Registry repair software is like the best car mechanic; it can diagnose problems, fix broken down components, free up stuck mechanisms and get your computer back automobile donation speeding down the Internet highway.

Windows XP registry repair utilities are designed to make the complex process of cleaning your registry relatively simple. Fixing your Windows XP registry is not a procedure where you want to make a mistake. An error in cleaning your Windows XP registry can cause major problems and is not something auto insurance qoutes should be attempted by the inexperienced. Registry repair software is an excellent tool for safely and easily cleaning your registry, no matter your experience level.

The best registry repair software can:

Clean Your Entire System: Capable registry cleaners can remove duplicate files as well as unused files, icons, idle shortcuts, obsolete start menu items, temporary files and more.

Check for Registry Repair Concerns: Pro registry repair programs can check and fix invalid pathways, empty registry keys, traces of uninstalled software, orphan references, spyware, corrupt files and numerous other areas of potential trouble.

Protect You From Error: Making a mistake in repairing or removing items from your registry can prove disastrous. The best registry cleaners present potential errors clearly and thoroughly analyze the problems, before they are removed. Registry cleaners can help you make an educated decision about what registry changes you may want to make.

Visit www.Repair-XP.comwww.Repair-XP.com for more information on Windows XP Registry Repair and to download free tools. Or read our www.repair-xp.com/regcure.html” title=”An honest review of RegCure registry repair”>review of the popular registry repair utility RegCure.

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Ever since that playful day my life has been riddled with anxiety and panic attacks.

As time went by over the years I developed some freaky panic attack symptoms that has been all to common to millions of other people Quetiapine this world. Unfortunately I only recently (within the last few years) realized what I had, and what was causing me some crazy physical symptoms onset by thoughts of fear.

Maybe you weren’t locked in a drawer but also suffer from anxiety or panic attacks?

Stress can also cause this as well, but everybody has their own story. But the funny thing is that it is not often clear as to what causes panic disorder.

In my case I had several near death experiences where others were cheapest loan rates stressed college student loan consolidation with work, marriages, family issues, or drugs and alcohol use.

Yes I also at the age of 11 almost drowned in the ocean when our fishing boat capsized off the coast of Fort Bragg in California. This all happened on Easter morning so maybe the good Lord was looking over me that day….

So anyway, your probably wondering what are the panic attack symptoms? Vermont Lemon Laws do you feel when you have a panic attack?

Well the symptoms can vary from person to person but there are some commonalities that have come to light.

Some of the symptoms you might expect are racing heart, skipping heart beats, tightness in your chest, hard time swallowing or choking sensation, intense fear of death or impending doom, disorientation, claustrophobic, and needing to pace back and forth or get away from the area where you are having these intense feelings.

I know it all sounds crazy and I wouldn’t wish this on my worst enemy…

Panic attacks are actually caused by fearing fear itself and nothing more. Being stressed out or overwhelmed can often trigger the onset of these intense feelings.

I’ve suffered from severe panic-attack-symptoms.org”>panic attack symptoms for nearly 30 years. Stop living in fear. Get my free advice that can stop your panic attacks forever. Go to my blog panic-attack-symptoms.org/blog/how-to-stop-panic-attacks.html”>how to stop panic attacks.

These days it is not just women who attend baby showers. Couples can also celebrate the big event. One way to get everyone involved and interested is to throw vehicle donation poker party.

Getting Organized

There are web sites available to help you set up this party- no sense re-inventing the wheel. A simple search revealed a number of useful sites about how to set up a home Texas Hold ‘Em poker tournament or one using other standard poker games. Product reviews, forums, and lots of information about different types of poker chips, playing cards, clothing, and all sorts of accessories are abundant. It might also be advisable to search your local yellow pages for places where poker party accessories such as poker chips, playing cards or other items can be rented instead of investing money in these things if they won’t be used again. The party organizer can also ask guests to bring poker chips or decks of playing cards which can be used for the evening.

Decoration

Use managed hosting service that can accommodate 6 to 8 people comfortably. Cover the tables with green felt or perhaps green plastic table cloths to give a poker room atmosphere. You will need poker chips, playing cards, and copies of rules for each table. You might also obtain some visors for players and dealer buttons for the dealers. These can be found on many web sites. Stringing Christmas style lights around the room also adds atmosphere.

Food to Serve

This type of baby shower theme party calls for something New York Lemon Laws and hearty that both the men and women will enjoy. A large 6 foot submarine sandwich would certainly fit the bill and will feed up to 30 people. Tell the sub shop or grocery store that prepares the sandwich how many people are expected to attend the shower, and they can make a judgment about how large of a sub to make. Ask several guests to bring a dish of potato or macaroni salad, perhaps baked beans, and chips, dip, pretzels and the like. Obviously soft drinks, wine and beer or other beverages will all go well with this theme.

Gifts

For a party like this the guests can bring individual gifts or the party organizer can suggest that couples go together and purchase an item that is more expensive. Good ideas would include baby furniture if needed, or perhaps a baby bike trailer if the parents-to-be are cyclists. If either is a jogger, a jogging stroller is a great idea as well.

Additional Baby Gambling Game

To keep the baby shower theme alive another gambling game can be done prior to or after the poker games. Make a grid with approximately the same number of squares as there are guests. For example, if 28 people are at the party make a grid that is seven squares along the top and 4 squares medications Along the top put the expected due date above the middle box and the dates prior to and after the due date above the appropriate columns. Along the side put various weight estimates that the baby might be, such as 6lbs.- 6lbs. 12 oz. on the bottom row. The next row up might be 6 lbs. 12 oz. to 7 lbs. 8 oz., etc. Each guest then picks a square and writes their name in it, similar to playing a football pool. Thus everyone has a guess about the day the baby will arrive and its weight. Call the refinance home mortgage after the birth and let them know they have won.

Baby showers for couples are becoming more popular, and consideration needs to be given to the men, since they won’t be interested in silly little games and idle breast feeding chit chat. A poker party baby shower can be put together such that it is enjoyable for all the guests, both men and women.

Walt Ballenberger is webmaster for baby-shower-favors.org - To find great party favors and other resources for your baby shower visit baby-shower-favors.org.

So you have a website you want to promote. You have a limited budget student consolidation loans you have one chance to make an impression for someone to visit your website. How do you do it?

“Smile, you’re being recorded.”

That statement elicits strong feelings within a person. From invasion of privacy to extreme curiosity.

Now for the design.

On the front of the postcard, will be a picture of their house and the sentence “Smile, you’re being recorded.”

On the back of the postcard will be your website address for them to visit. Ok, how do you make the transition from making someone concerned and curious to visit your “lose weight network marketing opportunity website” and not feel cheated?

The answer: No matter what product or service you’re promoting, I cancer car donation term assurance by using this sentence, you can make anyone rush to their computer -

“Being recorded? Recorded for what? visit www.yourdomain.com”

Now for taking pictures of their house to put on your postcard. Are you ready to drive to each address on your mailing list and snap a photo? Before you get disappointed and upset, there’s an easier way without leaving your home.

Key in each address on maps.google.com Then click on street level. What will come up for most addresses is a photo of the house. You can use other sites for Antipsychotic Therapy a photo, but I found maps.google.com to have pictures in different angles.

If you’re a PC user, hit the Alt-Print Screen keys to capture the photo and then paste it in Microsoft paint. From there, you can edit the photo to be placed on the postcard.

There you have it. You’ve just created an extreme curious postcard.

Daniel Larioza is a computer programmer that writes articles on various topics that are researched and personally experienced. Visit http://www.daniellarioza.com

Often I am asked how does one go about getting buyer structured settlement for a novel. Most authors I have met over the years have been under the impression that the only valid reviews are found in the newspaper or in a trade periodical. While such reviews can be a feather in an author’s cap, particularly if they are positive, they should not be considered the only source of PR for a book.

An author can find a wealth of resources for obtaining book reviews, if one knows where mesothelioma prognosis look. Yet, before you send those books out for review, it is important to consider this question: when should a book go out for review?

Too soon, or too late?

How soon is too soon for a book to be distributed for review? Depending upon the review source and the marketing schedule of a publisher, advanced review copies of books (also known as ARCs) may go out to reviews as early as four months before the books release. There may be many reasons for the advanced promotion. A reviewer’s schedule may be such that it may take four months to get to a particular book, and this way the publisher is ensuring a timely review. Other reasons may be seasonal: if a novel is written for the Christmas season, for example, the publisher may want to garner advanced reviews to tantalize readership during the peak of holiday shopping.

Whatever the reason for sending out ARCs, the message is clear: a book does not necessarily have to be released and for sale for the author to start collecting reviews. If words of praise are collected early enough, the publisher may want to include them ortho evra lawyer the front or back cover to entice readers to buy. Just make certain the ARC sent out for review is clean, free of errors and bound in a font size that is easily read.

Once you have the best draft car insurance qoutes it is time to distribute to reviewers. Here are just a few suggestions that are not necessarily limited to the media.

Professionals in the field: If your book is non-fiction, be it about politics, self-help topics, or a biography, it would be to your advantage to have an automobile insurance quote from an expert in your book’s topic. If you have written about an event in the Civil War, considering approaching an historian specializing in that era. If your book is religious in nature, seek endorsement from a noted clergyman.

Authors of similar works: Take a look at the fiction shelves of your favorite bookstore. You may notice that some novels include endorsements from other authors of the same genre. This is especially true for romance and mystery, communities so tightly knit considering the annual conferences these authors attend for networking purposes. If you have written a romance or mystery novel, you may wish to seek other authors for a word of praise. A cordial letter to the authors of your choice may yield good results for you. You might find some authors are willing to read your work, if it means extra PR for them in the form of their names on your cover. Don’t feel discouraged, however, if an author you have contacted declines or does not respond. Authors who write for a living often have busy schedules, and may not be able to afford the time needed for an unbiased endorsement of your work.

Organizations relative to your work: So you have written a mystery with a dog theme. Does this mean you are limited to mystery reviewers? Not necessarily. If a dog show is the setting for the story, you may want to consider approaching professionals on the dog show circuit to read your book. This can be especially helpful in generating word of mouth publicity for your book as well. People interested in dogs who don’t normally read mystery may be curious enough to buy your novel.

Think about the settings and occupations featured in your novel. Is there a corresponding organization that would make a good target audience for your book? Foster that connection by bringing in some potential reviewers.

Book Review websites: A quick Internet search for book review websites will yield a number of resources available to you. Many such sites have been cited on author’s book covers and in advertisements on the web and in print. It is important to note, however, when you research these websites that they are suitable to review your work.

Study each website. What genres do they accept? Do they offer a turnaround time on reviews? Do they charge a fee? A reputable reviewer will not charge, so check!

Regardless of the review source you approach, it is imperative to treat each one with the proper courtesy. Query each potential reviewer first. Do not send the book immediately, lest a reviewer feel you are imposing on him. Learn what the reviewer wants: an attachment in mail, a finished product, or an ARC.

Once it is sent, a good rule of thumb is to contact to acknowledge receipt of the book, but do not send constant e-mails about progress unless an inordinate amount of time has passed without word from the reviewer. If, after a month or so, you have heard nothing, follow-up with a polite note.

Taking care to find alternative resources for reviews can not only boost prominence of your book on shelves, but may also broaden your target audience. Don’t wait for your release to get reviews. Start the buzz now!

Kathryn Livey is publisher of Phaze, romance in eBook and paperback. She offers free promotion advice to authors.

China, a country of 1.3 billion, a country with an economic miracle taking place where economic growth exceeds 10%, the country which hosted the 29th Olympiad, the country which builds 50 tower blocks per day, the country which boasts the fastest train, which boasts the highest commercial train route…the list goes on. It is difficult not to be impressed or indeed afraid of such a powerful nation, but is China really ready for superpower status? Has it achieved it already? This article aims to dig a bit deeper and understand that despite donate your car impressive claims, China is not yet as advanced and perhaps as powerful as you might imagine.

China is only a market of 1.3 billion if you sell rice. What this really means is that despite China being home to some of the wealthiest people on the planet, some 200 million Chinese are still living on a dollar a day. It is easy to be impressed by the skylines of major cities such as Beijing, Shanghai and Shenzhen, and be fooled into thinking that this is representative of China as a whole. It is not. In such cities, there are large swathes that are essentially slums, without running water or indoor toilets. These are home to the ever increasing number of migrant workers from the countryside that come to the bright lights in search of employment and a better quality of life.

The countryside in China is rarely a scene of idyllic repose and landscaped hillsides. Life in the countryside is often harsh, living conditions basic and exposure to disease and the elements is greatly increased. Conditions approach third world level standards in some of the more remote western provinces where there is little unemployment and little motivation for investment.

This disparity between rich and poor can only undermine China’s progression towards superpower status. As exports slow due to an economic downturn in the U.S. and Europe, China may start to feel the pinch. If conditions worsen for the nation’s poorest, who knows what unrest may lie in store for China’s leaders. Can a regime survive such a climate given the current economic miracle and the amount of liberties that have been recently granted to the average citizen?

Blogsociety is the one stop spot for News, Health, Entertainment, Humor, Politics, Videos and more. We are a blogging site dedicated to providing quality and professional articles for your enjoyment and education. Visit us today and become a part of a wonderful blogging society.

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If you are a person who enjoys receiving spam emails then you are certainly one in several million. In general, people simply don’t like receiving spam, nor having insurance quotes spend their time deleting it and screening it for the “real thing”. By understanding the way that spammers operate, you can help your spam filters and help yourself to reduce the amount of spam that you receive.

The first thing that you need to comprehend about spam is that it is an incredibly effective way for getting the word out about a product or service and reaching enough people who will make a purchase to bring in a good profit. Therefore, the essence of effectively spamming is making sure that you can create as large a list of email Caqskevra as possible. Indeed, legitimate email marketers have a similar goal of building a list that is as long as possible, too. However, legitimate online consolidation debt management money companies use opt-in techniques that allow people to choose to receive messages from a company. It is this difference - the choice versus unsolicited messages - that separates legitimate email marketers from spammers.

Spammers collect e-mail addresses with several different methods, drawing in as many as possible, as quickly as possible. This often involves the use of software spiders that crawl through the internet day and night to find any email address that happens to appear on a website. They hunt for the mailto: HTML tags that are built in to websites to allow the site users to make contact with someone. While some webmasters have tried to dodge this by writing out their addresses as, for example “johndoe at emaildomain dot com”, the crawler technology has been evolving to Sainsbury’s life insurance able to read that as well - johndoe@emaildomain.com. Guestbooks are usually considered to be a goldmine for these spiders.

Other methods can include spyware installed on your computer without your knowledge. This will root through your computer until it finds your address book. There are ways to find out who spammers are, though, by using a reverse email lookup to track down the owner of the email address.

Don’t send Claudia Kim a sketchy email because she will run a reverse email managed hosting solutions on you at http://www.emailfinderpro.com

The problems besetting Bradford and Bingley started on 14 April 2008 when it denied reports that it intended to raise funds through a rights issue of new shares and sought to reassure depositors, shareholders and automobile insurance quotes market that it had a strong capital and liquidity base.

On 22 April, Mr Stephen Crawshaw, the Chief Executive, stated that he saw ‘excellent growth’ during the first quarter of 2008 and that the bank was well funded.

However, on 14 May, B&B announced a rights issue, priced at 82 pence a share in an effort to raise GBP300 million from shareholders. Mr Crawshaw apologised.

This attempt to mislead the markets had backfired, and the share price, which stood at around 185 pence at the end of April, went into free-fall.

On 2 June, B&B issued a profits warning. Mr Crawshaw resigned and was replaced by Mr Rod Kent. At the same time, B&B announced that it planned to sell a 23% stake in the bank to TPG for GBP179 million, by way of new shares. TPG, formerly Texas Pacific Capital, is a global financial institution. A further GBP258 million was to be raised via a revised rights issue at 55p per share. The rights issue was to be underwritten by Citigroup and UBS.

On 23 June, an alternative offer was made to B&B by Mr Clive Cowdery, who represented four of B&B’s largest shareholders - Legal & General, M&G Investment Mangers, Standard Life, and Insight Investment. Mr Cowdery was offering to buy stock at 72 per share. The talks stalled due to B&B’s refusal to open its books to Mr Cowdery. At the time, B&B took the view that the proposal by TPG was more attractive and described Mr Cowdery’s bid as ‘uncertain’ and criticised it for ceding too much control to his Resolution investment group.

On 3 July, TPG stated that it intended to withdraw from the deal due to Moody’s reducing the credit rating of B&B from A3 to Baa1. The credit rating agency cited B&B’s obligation to buy mortgages of up to GBP350 million per quarter from GMAC, a global finance company, until 2009.

The general reaction to this news was one of hysteria and an avalanche of criticism from UK institutions. However, B&B admitted that TPG did have an option to withdraw, should there be a downgrading of its credit rating. Therefore, TPG was Hereorthere only well within its mortgages loans to withdraw, but probably correctly concluded that B&B had severe problems of which they had not been previously aware.

The quality of this dubious GMAC portfolio continues to attract severe criticism from shareholders. Moody’s also expressed reservations about B&B’s buy-to-let mortgages and self certification loans, although these were overshadowed by the GMAC commitment. Several independent commentators have suggested that B&B could lose in excess of GBP400 million, due to write downs, in a final reckoning of its unwise commitment to GMAC.

In addition, the bank remains tied into deals with Aire Valley Master Trust, who have some GBP13 billion of mortgage assets. B&B has GBP11 billion of mortgages in its Aire Valley securitisation programme, which is triple A-rated.

However, Moody’s downgrade of B&B’s own credit rating means the bank does not enjoy the sufficiently high rating required under the interest rate swap that it provides to the Aire Valley trust.

B&B has to address this matter within 1 month. There are three possibilities - firstly, it could inject an undisclosed amount of extra cash, secondly, it could nominate an intermediary as a counter party, or thirdly, it could find a guarantor.

On 4 July B&B claimed that it had a renewed commitment from the four major institutions who were originally part of the Clive Cowdery offer. This would enable the GBP400 million rights offer to proceed at 55 pence a share.

Behind the scenes, the Financial Services Authority (FSA) was working hard to ensure that B&B did not collapse, as had Northern Rock.

The FSA rescue on Thursday 3 July made an undisclosed facility available to B&B. It has been described as a classic bank of free car insurance quote online lifeboat operation. The lifeboat refers to the activities of the Bank of England in lending funds to small financial institutions in the 1970s.

At the same time, the Bank of England has exerted influence, some would say pressure, on some of the largest British banks in an effort to ensure that the underwriting of the rights issue by Citigroup and UBS goes ahead.

At the current market price, which is considerably less than 55p, the underwriters will end up purchasing all the new shares. However, due to the Bank of England’s efforts, these losses will now be shared with HBOS, Lloyds TSB, Barclays, Abbey, RBS and HSBC. This will amount to purchasing some GBP230 million or a 33% share in B&B.

Meanwhile B&B has disclosed that the chaotic rights issue of GBP400 million will now cost GBP54 million. This is because the prospectus is now in its third version. Worse still, Goldman Sachs will receive a fee for introducing TPG to B&B. This is despite the fact that no deal was done and TPG walked away.

It now looks that B&B is safe, for the moment, from bankruptcy or being taken into public ownership. However, the rights issue will place the other leading UK banks into a loss making situation. The disaster at B&B was precipitated by a lack of honesty in the statements of the Chief Executive. Once his attempts to mislead the markets were publicised, the share price went into free fall.

Duplicity, or lying, by chief executives of banks is a most dangerous and unwelcome development. Banks operate on the basis of trust, namely depositors entrust them with their life’s savings. Bank managers have traditionally advised borrowers to be cautious and ensure they can meet their commitments. This is now exposed as a sham. B&B issued self certification mortgages to anyone who could fill out an application form, and engaged in ill considered deals with global giants such as GMAC.

The embarrassment of announcing a rights issue of new shares was unfortunate, but the fact that the prospectus had to be revised on two successive occasions demonstrates incompetence and ineptitude.

The only player who has emerged from this saga with an untarnished reputation is the Bank of England. In the aftermath of their disastrous handling of Northern Rock, they have regained some credibility.

This has not been achieved by the granting of any new powers to the Bank of England. On the contrary, they have reverted to their traditional and historic role as a lender of last resort. Bankers who were in trouble would arrive in Threadneedle Street at 3pm and drink tea with the Governor. After talking about, Darthkitty Wimbledon, Eton or whatever, the banker would indicate that his bank was insolvent and would be forced to declare bankruptcy on the next day. At this point, the Governor would offer a loan, and the matter would be concluded with a handshake.

It is gratifying to see that the Bank of England understands its role in turbulent times.

Leslie Hardy is a noted writer on wellestates.com North Cyprus Property and the UK Chairman of Wellington Estates Ltd. Read more about wellestates.com/north_cyprus_investments.htm North Cyprus Investments