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Tuesday, November 20, 2007

Northern Rock Suspened

Trading in Northern Rock shares was suspended for the fifth time in early session today, after the stock slumped more than 41%.

It has now resumed trading, and is currently down around 21% at around 82p.

Congratulations to the board of Northern Rock for destroying this once solid company with their high risk lending strategy. They have succeeded in consigning the company to the dustbin of history, in a similar manner to the board of Marconi.

The shares in Rock are now the plaything of the speculators and will see rises and falls over the coming days that will make some individuals very rich, but will be of no comfort to the long term shareholders who bought in when the stock was valued at over £12.

I trust and assume that those responsible for this will not be receiving golden handshakes when they depart.

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