When the mortgage lender Northern Rock collapsed in September, causing the first run on a bank in a ...
When the mortgage lender Northern Rock collapsed in September, causing the first run on a bank in a developed country in living memory, it seemed possible to exonerate the British financial and political system. After all, the crisis could be blamed on the credit crunch. Or on reckless management. Or, just possibly, on a failure of communication between the two main regulators, the Bank of England and Financial Services Authority. And now? The unfolding fiasco that is Northern Rock has become inexcusable. This crisis is now in its third month. And yet, we are no closer to a solution tha...
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