Northern Rock

  • Northern Rock

    Northern Rock Memo Emerges

    The Northern Rock sales memorandum that FT Alphaville was forced by a British court to remove last night has re-emerged on Scribd, a website supporting document uploads. Our thanks to a loyal but anonymous reader who provided the link to us. Northern Rock Summary [Sribd]

    / Nov 14, 2007 at 10:25 AM
  • Northern Rock

    Blackstone Pulls The Veil Over Northern Rock Rescue Plans
    FT Alphaville Forced To Remove Publication of Sales Memorandum

    A British court has forced the Financial Times to remove details of a confidential sales memo circulated to would-be buyers of Northern Rock, the troubled UK lender. The memorandum had been obtained by the FT’s Alphaville blog and was available for several hours yesterday. The Blackstone group brought a lawsuit requesting an injunction against publication […]

    / Nov 14, 2007 at 9:00 AM
  • Northern Rock

    Finding Elvis In The UK

    “Can’t buy a house, can’t buy a lot,” Elvis sang in “Poor Boy.” We’ve got Elvis on the brain after the boys at FT Alphaville reported an Elvis sighting—at the Financial Services Administration. According to FT Alphaville, “Elvis” is the FSA’s codename for troubled mortgage bank Northern Rock. And now it has caught on with […]

    / Oct 16, 2007 at 9:16 AM
  • Northern Rock

    Spanish Superman Is Going To Rescue Northern Rock
    Also, We’ve Heard That Jeff Skilling Is Totally Going To Bailout Countrywide

    You’re just jealous. You know you wish you had the chorizo to announce an acquisition dressed as Superman. Our man here is Jose Maria Ruiz-Mateos, one of Spain’s more controversial and colorful business figures. He’s got everything you want in a cartoon version of a dodgy Spanish business man. Ties to Franco and Opus Dei, […]

    / Sep 26, 2007 at 10:17 AM
  • Northern Rock

    British Government Guarantees Deposits In Northern Wreck
    Update: Don’t they have deposit insurance?

    With customers mobbing Northern Rock branches across the UK and the stock plummeting so fast that trading in the shares was briefly halted today, the British government moved to quell panic by issuing a statement that it would guarantee all deposits in the bank. Chancellor of the Exchequer Alistair Darling said the guarantee was being […]

    / Sep 17, 2007 at 4:46 PM
  • Northern Rock

    Northern Run: Customers Emptying Out Bank Accounts

    It only got worse for Northern Rock this morning. It was another day of long lines at the bank’s 76 branches across the UK, with customers ‘queuing’ up to withdraw their savings. Customers have reportedly withdrawn $4 billion—around 8 percent of it’s total deposit base. “It looks very much like a run on the bank,” […]

    / Sep 17, 2007 at 11:33 AM
  • Northern Rock

    A Run On Northern Rock

    What happens if central bankers decides a bank is too big to fail but the bank’s customers and investors don’t agree? We got a little closer to finding out today when depositors besieged the branch offices of Northern Rock Wreck to withdraw their savings. Long lines—or queues as the English insist on saying—formed outside of […]

    / Sep 14, 2007 at 3:08 PM

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