Saturday, July 5, 2008
Northern Rock in slow motion
"We wrote about this company several months ago, that it could be Northern Rock in slow motion," said Leigh Goodwin at Fox-Pitt Kelton. "It looks like things may be moving a bit faster than that now. "The company doesn't have a viable business model right now. Bad debts on the mortgage side are going up and funding costs are also going to go up now."