The British Government is supporting Northern Rock to the tune of 40 million UK sterling.
That's half the price of Apple Inc. Maybe a third of Google. It's 3% of the entire British economy.
Can't a bank ever fail in Britain? Now it's de facto nationalized, as there's no way they'll pay that back in short order and they are still probably losing money...
What a blunder. This is a good example of what I characterized to Jochen Demuth as a big, fast, stupid mistake.
Northern Rock's Wholesale Run: BBC NEWS' Robert Peston
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment