http://news.sky.com/skynews/article/...306946,00.html
I guess to sum it up easily its almost a Northern Rock 2.
Same kind of lending firm. Another for nationalisation in the making ?
One has to wonder how many banks will be affected and how long they will take trickling the news out and how many will be looking to be nationalised aswell.
One also has to wonder how the posted losses from this firm last year a little before christmas were very conveniently kept quiet till now after the Northern Rock fiasco has just about drawn to a close and 2007 christmas has passed by.
I did hear Mr Brown the Uk's chancellor for some time prior to becoming the current PM wants an early warning system for this kind of mess. I would really like to know which rock he was hiding under when the nationwide and bankwide warning signs were there a few years back, because it could not have been a northern one ?
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'London & Scottish' cash crisis
