Northern Rock II

I agree with the Times. The government should transfer the savings accounts to the highest bidder (or if no-one offers Nat. savings) and then quietly run the bank down by raising the interest rate gradually with the aim of getting customers to re-mortgage elsewhere. The single objective is to make sure every last £ of tax payers money is repaid. Anatole wrote how to do that yesterday, and its what the LibDems have been saying all along. As Anatole said it’s not as if Britain is short of mortgage lenders……. we’re quite prepared to see our car manufacturers and other industries actually disappear. Why does a bank amongst many get special favours? This should have happened the day NR could no longer trade normally on the free market. The shareholders have to accept the business they invested in was no longer viable – many of them are hedge funds which bought in after the difficulty came to light so they have NO claim – they made a bet and lost. They are way down the creditors list. Right all along oh well!

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