ToffeeWeb - Season 2008-09

The Mail Bag

Everton paranoia

I read the Guardian every day (except Sunday); because they make so many cock ups, they have a corrections and clarifications service every day.

In order for them to have published the Everton bit , the club would have had to have contacted them. The thing is, they must be aparanoid to have bothered about something that, in the general scheme of things, is infitesimal.
Jonathan Tasker, London Posted 16/10/2008 at 08:57:22

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Michael Kenrick

Well, some would say this reflects the mind and preoccupations of the Head of Communications, whose job it is to chase down such inaccuracies and wrong-doing.

Peter Howard
1 Posted 16/10/2008 at 15:56:42

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Surely you only contact the Grauniad?s corrections dept. when they get something right.

Linda Heap
2 Posted 16/10/2008 at 18:30:37

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There can be a significant difference between "interest-only" and "interest plus capital". If you consider an interest-only mortgage then the whole of the capital sum has to be paid back at the end of the term. If you have a repayment mortgage, each repayment is both capital and interest and at the end of the term the whole of the loan has been paid off with no additional capital sum to find.

At normal rates of interest, say base+1.5% - 6.5% (though this may be a bit conservative) then £2.8m of interest a year equates to a loan of about £45m, which would have to be found at the end of the Guardian?s scenario significantly affecting the club's cash flow in that period, but not actually in fact if the repayments include capital.

Steve Fletcher
3 Posted 16/10/2008 at 23:54:33

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I know you might have been being tongue-in-cheek about The Guardian, Jonathan, but it's corrections column is not because of the amount of mistakes but as a recourse for when it does get things wrong. For a national broadsheet it?s error rate is very small ? and certainly it doesn?t print known lies ? like other newspapers I could mention!

Kambiz Zolfaghari
4 Posted 17/10/2008 at 00:40:03

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This is the famous ?Bear Stearns? loan.