And, yes, I DO take it personally: Holy crap! The UK is nationalising the Northern Rock bank!

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And, yes, I DO take it personally

Sunday, February 17, 2008

Holy crap! The UK is nationalising the Northern Rock bank!

for the UK to be making a move like this, things have GOT to be EVER SO MUCH WORSE than advertised...

The Treasury today announced that the beleaguered bank Northern Rock will be nationalised.

In a statement, the chancellor, Alistair Darling, said that "under the current market conditions" neither of the two last-minute bids - submitted by Richard Branson's Virgin consortium and the Northern Rock management team - delivered "sufficient value for money to the taxpayer".

It marks the failure of the government to reach a deal with the private sector over the future of the bank. Emergency legislation will now be rushed through parliament.

Mr Darling said the move met "our objective of protecting taxpayers' interests".

every time i hear a phrase like "protecting taxpayers' interests," my hand immediately grabs for my wallet...

Labels: banking crisis, economic collapse, financial meltdown, nationalization, Northern Rock, subprime mortgage crisis, United Kingdom