Bail out of Northern Rock? 9/17/2007 1:34 PM EDT The Wall Street Journal is reporting that "the U.K. government will guarantee all deposits held with U.K.-based mortgage lender Northern Rock." In the worst case, this is a pledge to provide the largest single bailout in financial history. There are 30 billion pounds of customer deposits at Northern Rock alone. This goes far beyond the limited guarantees that the UK government has to protect depositors.