‘My dear Mr Clennam,’ returned Ferdinand, laughing, ‘have you really such a verdant hope? The next man who has as large a capacity and as genuine a taste for swindling, will succeed as well. Pardon me, but I think you really have no idea how the human bees will swarm to the beating of any [...]
The Investor
Last night Alastair Darling, the UK Chancellor, guaranteed 100% of savings in Northern Rock – and indeed the Financial Services Authority has since gone further, stating this guarantee extends to other troubled financial institutions that might emerge in coming days. Given the scenes we’ve witnessed since Thursday’s news that Northern Rock required a lifeline from [...]
As I write, people are queuing outside a major British lender, Northern Rock, to take all their money out. Only in Britain would a run on a bank see customers forming an orderly line from the back. Reading comments in the press, it’s clearly something that many people never expected to see in their lifetimes. [...]
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