Tuesday, September 25

No wonder nobody wants to purchase Northern Rock

The FT is reporting that the most likely buyers are sitting on the sidelines.

Why am I not surprised? the markets already gave it the kiss of death by not advancing funding to it. The customers think it is a useless pile of clicks and mortar with a highly dubious management, very incompetent risk management and a fatally injured brand. And finally, to actually ask people to purchase it means that it will most probably go down the route of Baring's, sold for £1. Anybody who purchases the Rock will face tremendous regulatory oversight. And who needs that? So the only people who would like to purchase the rock, as I mentioned earlier, would be either somebody who is way too aggressive or somebody who has found away to screw the taxpayer somehow.

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