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Tuesday, April 01, 2008

Northern Wreck

Northern Rock warned that it will be "significantly loss-making" this year and would not make break-even until 2011.

It reported a £168M pre-tax loss for 2007.

In 2006 it made a profit of £627M.

The previous board of directors are to be "congratulated" for destroying this bank.

Where are they now?

Adam Applegarth, the chief executive who led it to destruction, will make £760,000 for the termination of his contract. He will also qualify for a company pension, worth £2.2M, in 10 years. He also gets a staff discount on £75,000 of the mortgage on his home.

Bryan Sanderson, Chairman from October to February, will be paid his £315,000 annual salary and £85,000 office expenses until his fixed contract expires in October 2009.

So well deserving!

Unsurprisingly, Applegarth is now being offered police protection; this costs £10K a year.

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