Re-Heat I'm perfectly aware of the Rocks unusual mode of operation, thanks. Borrowing short term to lend long was always risky and they were always set for a fall as I said in 2006.
Paris, they will of course be sold to someone. An asset stripping vulture fund or a well known bank or they may even just slip into liquidation. If Mr Flowers can pull off a fancy recovery deal like he did with LTCM well then he is genius. But none of that would change the fact that Northern Rock are a busted bank whose loan book will be sold at a discount, whose brand will be killed off and whose branches will mostly close.
Thats already for certain.
My mum retires at Christmas and cheerfully admits that loans have recklessly been pushed at hapless cases with every chance of default and nobody much caring in the bank.
We seem to have been Jedi Mind Tricked into believing debt is wealth in this country. The truth will become painfully apparent in the coming years.
Loans for flying training are already harder to get and they will become harder.
Rightly so given their innate risk.
WWW