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Northern Rock Nationalized

Wow.  Britain is nationalizing one of its largest banks.

Northern Rock is to be nationalised as a temporary measure, Chancellor Alistair Darling has said.

Neither of the two private proposals to take over the beleaguered bank offered “sufficient value for money to the taxpayer”, Mr Darling said.

He said the public would gain if the government held on to Northern Rock until market conditions improved.

Ron Sandler, nominated by the government to run Northern Rock, said savers’ deposits would be secure.

Posted by Owen at 1312 hrs
Foreign Affairs

1. Golly, Da Government must be the very bestest at running businesses, especially banks.  Surely this is a good sign, right?  The government would never screw up a successful business, would it?

   Posted by .(JavaScript must be enabled to view this email address) on February 18, 2008 at 0456 hrs
   
   
   

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