Right Decision to Rescue a Victim of Circumstances ; City Comment
Evening Standard - London › September 14, 2007
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Summary
BANK OF ENGLAND Governor Mervyn King has found himself caught between a Northern Rock and a hard place. He spent the first half of this week making it clear to the Treasury Select Committee and everyone else that there would be no wholesale bailout for banks and financial institutions that had lent not wisely but too well.
He ended the week acting as lender of last resort to Northern Rock, the Newcastle-based bank that more than any other has acted as a bridge between the new financial markets and the traditional house buyer wanting a mortgage in other words, bailing the bank out.See the full content of this document
Extract
Right Decision to Rescue a Victim of Circumstances ; City Comment
To most people, Northern Rock is famous only as the sponsor of Newcastle United, now proudly owned by the robust retailer Mike Ashley of Sports Direct.
Until today, fans might well have wished their team could show even half the innovation, flair and su...See the full content of this document
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