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September 14, 2007

Northern Rock Goes Bust - Customers Run on Bank

posted by MR WAVETHEORY at 9/14/2007 12:03:00 PM
Northern Rock customers are stuck between a Rock and a hard place! Lines are stretching out the door at Northern Rock (London NRK.L) with depositors waiting to take all their money out of the bank. Fears are that Northern Trust has gone bust and customers are running on the bank, doing what British people do best - which is queuing up!

The stock is down 30% because the darned mortgage lender couldn't stop itself from lending to all those poor folks who couldn't afford to pay in the first place. It's one thing to get a bailout from the Bank of England. Totally another, when the day after the bailout, the sh** hits the fan!

At least the management knows how to play charades. Speaking like a true deadbeat, the management team of Northern Rock boasted how they have an unlimited line of credit from the Bank of England. Asked if he or his customers should be worried, Mr Applegarth (some shmuck) replied: "Knowing that we have an uncapped facility with the Bank of England, you don't get better than being banked by the Bank of England."

Right! JP Morgan would roll over in his grave if he heard that from one of his branch managers!

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2 Comments:

Blogger Max said...

Not strictly accurate - there is no suggestion that Northern Rock's mortgage customers cannot afford to pay. In fact, their bad debt levels are well below industry norms.

9:44 AM  
Blogger MR WAVETHEORY said...

You may have a point here. I wonder why they are doing so poorly.

1:17 AM  

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