Northern Rock Nationalized

In England, the government does not bail out bankrupt banks without some quid pro quo; it takes their stock . . .

LONDON – Britain’s treasury chief Alistair Darling said today that struggling bank Northern Rock PLC will be nationalized.

That after the government rejected two takeover bids.

Northern Rock ran into trouble in September because it relied too heavily on short-term money markets instead of deposits for funding.
http://ca.news.finance.yahoo.com/s/17022008/2/biz-finance-britain-nationalize-troubled-mortgage-lender-northern-rock.html

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

%d bloggers like this: