Friday, September 21, 2007
Back to the 70’s
Northern Rock effectively 'nationalised' by state guarantee
Sources said the move had effectively turned billions of pounds of Northern Rock's liabilities into gilts (or guilts). Check the cartoon in this article says it all.
Posted by lloyd @ 01:44 PM (1874 views)
2 thoughts on “Back to the 70’s”
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harold says:
Wonderful cartoon, only behind the facade I would have added a giant treadmill being operated by jo public.
alan says:
The article omits to point out the large role of the European regulator, and the piece is written as if not much had happened regarding the EU.
The EU regulators are watching the “Nationalisation” impact very closely. However, I think an offer for NR from predators cannot be far off. NRs market image is trashed, so they must sell up.
Lots of buyers names are in the frame including a couple from Europe. I’m sure the Sunday papers will speculate on this…