Tuesday, Oct 16, 2007
What a crock
Guardian: MPs quiz Northern Rock - live
Chief executive Adam Applegarth and chairman Matt Ridley are likely to be savaged by MPs.
The committee will want to know why Northern Rock reached a stage where it was forced to seek help from the Bank of England, a move which sent thousands of panicking savers rushing to withdraw their money.
Posted by inbreda @ 11:49 AM (375 views) Add Comment
3 Comments
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1. shipbuilder said...
The performance of Applegarth and his gang was a disgrace - all a big unfortunate accident, due to unforeseen circumstances, it seems. If only they'd read this news blog. Looks like they expect to get off scott free - no apologies, no responsibility - in fact they actually blamed the BofE for not helping another bank to bail them out sooner. No doubt Applegarth and his pals will go on to greater things after collecting their fat bonus, courtesy of UK taxpayer.
2. new_order said...
Shame this is not China. They would have been put to the wall by now.
3. Van Hoogstraten said...
What a devious clown Applegarth is – he just won’t admit that Northern Rock are the subprime lender of choice in the UK and the markets had become wise to the fact, so, as in the US, no-one was interested in buying NR’s rubbishy MBS’s from a dodgy loan book any more.