Friday, September 14, 2007

This will hit other banks

Northern Rock shares slump

...Britain's fifth-largest mortgage provider. It has become the first major UK financial institution to run into serious difficulties as a result of the global credit squeeze, which has seen lending among banks shudder to a halt.

Posted by inbreda @ 09:11 AM (718 views)
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6 thoughts on “This will hit other banks

  • I was posting blogs on here about 6 weeks back on Northern Rock and somebody whose name I did not recognise immediately ridiculed my post. I wonder if that same poster is reading this he would like to comment!
    Northern Rock down 20% today thus far.

    On another note I have friends who work at “The Rock” and by all accounts it is an excellent company to work for, so I hope their problems are addressed.

    On another note at least one other “major” UK lender is suffering.

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  • This morning a very humble head of Northern Rock was on Radio 4 stating that no one foresaw what happened on August 9. Apparently it was completely unexpected. No one predicted it apparently.

    Ha ha ha ha ha ha ha ha ha

    What a joke. Now I understand why Merv has been rabbiting on about moral hazard this last week – talking tough so this bailout wouldn’t be seen for what it is.

    Will be interesting to see if they manage to prevent a run on customers’ accounts. Feel sorry for any savers in Northern Rock. The executives should be persecuted, err I mean prosecuted.

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  • Just tried to access Northern Rock’s internet banking service, only to get the message:
    “Due to a temporary technical issue, we are not able to offer our full range of services. We expect to resume normal service shortly.”

    I wonder why.

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  • So what, house prices can only ever go up. 😉

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  • Denzil…

    The other lender. Could it be B*rc^!ys?????????????????????

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