Northern Rock Goes Bust - Customers Run on Bankposted by MR WAVETHEORY at 9/14/2007 12:03:00 PM
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!