Northern Rock Crisis Due To Failure Of Regulation - Cable.

0 Comments | M2 Presswire, January, 2008

M2 PRESSWIRE-25 January 2008-Liberal Democrats: Northern Rock Crisis Due To Failure Of Regulation - Cable(C)1994-2008 M2 COMMUNICATIONS LTD

RDATE:26012008

Commenting on today's [Saturday] Treasury Select Committee report into the Northern Rock crisis, Liberal Democrat Shadow Chancellor, Vince Cable said:

"The run on Northern Rock was not only a failure of the bank, but also a failure of regulation.

"Northern Rock's managers behaved like a bunch of cowboys and the FSA did nothing to rein them in, or even appear to see there was a problem.

"Northern Rock's business plan was doomed to failure in anything other than the most favourable of credit market conditions, yet through either incompetence of negligence the...

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