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.

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