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Northern Rock Boss Quits as Fall Continues

$570M writedown posted; sale of troubled bank months away

By Jason Farago, Newser Staff

Posted Dec 13, 2007 7:54 AM CST

(Newser) – The CEO of collapsing British bank Northern Rock quit this morning without comment, reports the Financial Times. Adam Applegarth resigned last month but had pledged to stay on as CEO until the end of January to guide the struggling company through its upcoming sale. But... Read full story »

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Financial Times (UK) (Source Grid »)

Comment: Northern Rock and the end of politics as we know it
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Richard Branson • United Kingdom • Gordon Brown • credit crisis • Northern Rock • Virgin Group • Adam Applegarth

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Northern Rock Bailout Plan a Money Shuffle

Deal pays back government loans, but public still on the hook

(NEWSER) - The British government today unveiled its last-gasp plan to hand off the Northern Rock hot potato and prevent nationalization, the London Times reports. Under the plan, the bank would immediately pay back the £25 billion it owes the government by selling the debt to private investors as bonds. But since the government is backing the bonds, taxpayers are still on the hook if the Rock defaults. More»

UK Nationalizes Northern Rock

Bank takeover marks desperate move for British ministers

(NEWSER) - British ministers plan to nationalize Northern Rock as part of a bold, desperate move to rescue the struggling bank, the BBC reports. Chancellor of the Exchequer Alistair Darling said two private bids to take over Northern Rock failed to offer “sufficient value for money to the taxpayer,” adding that London would only hold onto the bank until market conditions improve. More»

Brits Hatch Secret Plan to Bail Out Northern Rock

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(NEWSER) - Worried that the state might be stuck nationalizing Northern Rock, Britain has worked up a contingency plan behind closed doors to divide the troubled bank among the country’s commercial banks. A private buyout is still preferable, the Guardian reports, but some now fear the main bidders will back out, leaving the government holding the bag. More»

Branson's Next Launch: Virgin Internet Bank

Exploiting the public's discontent with banks, Virgin could bid for Northern Rock

(NEWSER) - Capitalizing on public disgust with Britain’s big banks, Richard Branson plans to launch an Internet bank through subsidiary Virgin Money that will take deposits and offer mortgages, the Guardian reports. Branson is talking to investors and some US banks about financial backing and could set in motion more ambitious plans to acquire Northern Rock if the government decides to sell part of it back to the public before 2010 elections. More»

UK Buys Up Bank Shares in Radical Bailout

Cost of drastic rescue package could top $800B

(NEWSER) - The British government will become part owner of the nation's biggest banks with a mammoth $88-billion rescue package for the troubled institutions, the Wall Street Journal reports. Under the plan, swiftly assembled after UK bank stocks plummeted in trading yesterday, the government will purchase non-voting shares in eight of the largest banks as a way to provide extra capital to the institutions. More»

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Northern Rock Boss Quits as Fall Continues

$570M writedown posted; sale of troubled bank months away

Richard Branson • United Kingdom • Gordon Brown • credit crisis • Northern Rock • Virgin Group • Adam Applegarth

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More Newser Stories

Northern Rock Bailout Plan a Money Shuffle

Deal pays back government loans, but public still on the hook

UK Nationalizes Northern Rock

Bank takeover marks desperate move for British ministers

Brits Hatch Secret Plan to Bail Out Northern Rock

No good options for struggling bank

Branson's Next Launch: Virgin Internet Bank

Exploiting the public's discontent with banks, Virgin could bid for Northern Rock

UK Buys Up Bank Shares in Radical Bailout

Cost of drastic rescue package could top $800B

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