Northern Rock
Further to my other blogs about the Northern Rock:
1. Gordon Brown rules out offering any assitance to The Northern Rock.
2. The media cause panic with investors who proceed to get up early to withdraw funds.
3. Gordon Brown pledges to back The Northern Rock to the tune of several billion pounds.
4. Fickle savers rush to put their money back in.
5. Shares slump in price and the government are again forced to back up the Rock.
6. Sir Richard Branson tables a takeover bid for the ailing financial giant.
So let me get this straight if Alistair Darling says The Northern Rock would have gone failed if were not for his intervention then does that mean any financial institution that invest badly will be bailed out by the UK taxpayer? Or will we get a share of the profits when Sir Richard Branson takes over and turns it’s fortunes around?
Whats the point of making sound investments (on a personal level) if you have to subsidise others poor choices (on a national level)?