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Thursday, January 17, 2008

Northern Wreck Gets an F

As Northern Rock's shares fall ever lower, credit rating agency Fitch announced that it has cut its rating of Northern Rock to grade F, its lowest. It said that but for Bank of England and Treasury support "the bank would have defaulted".

Meanwhile Gordon Brown, and his sidekick Alistair Darling, continue to dither over what to do about Wreck; nationalise or let it collapse.

It is clear that this failed (destroyed) bank needs to be put out of its misery now, for the benefit of the country and Britain's much tarnished financial reputation.

Does Brown have the cajones to make such a decision?

No, he doesn't.

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