Northern Rock could be nationalized by February

Discussion in 'Wall St. News' started by ASusilovic, Dec 5, 2007.

  1. Draft bill could be pushed through in a single day as deadline approaches for private buyers to rescue stricken bank

    The Government has drafted a nationalisation bill for Northern Rock to bring the stricken bank into public ownership as early as February should it fail to strike a deal with a private buyer.

    Downing Street has opened talks with the Conservatives over the nationalisation bill, hoping that with bi-partisan support it could be rushed through both houses of parliament in a single day.

    The Treasury refused to comment on the bill, which it has instructed parliamentary draftsmen to write so that it is there as a fallback option should attempts to sell Northern Rock fail. It has also sought external advice from lawyers on the draft.

    A Treasury spokesman said the Chancellor's preference was for Northern Rock to be bought by a private bidder.

    Hum...maybe the U.S. should nationalize subprime mortgages ? :confused:
  2. Citadel is ready to buy Northern Rock and ALL of the subprimes at a 90% discount, according to its own model.