Finding Elvis In The UK

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"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 each of the regulators who have a hand in its rescue are using the name as well.
And, as long as we're talking about Northern Rock, we might as well touch on some deal news. According to the Times of London, private equity group JC Flowers is in the "advanced stages" of due diligence and is making progress pulling together the financing. They are expected to submit a formal bid for the bank sometime in the next two or three weeks. And, as the paper reports, they believe they are now well ahead of the consortium led by Virgin founder Richard Branson.
It seems Flowers is not going to let the mess at Sallie Mae slow him down. Indeed, the young private equity firm may be eager to put together a new deal to show investors it can execute an acquisition after it's last big banking deal landed it in court. It's hard to show a return on equity if you can't even close your deals.
Oh, right. In other Northern Rock news, its chief executive went before the House of Commons Treasury committee to pin the blame for the banks troubles squarely on the tail of the Bank of England. You see it's the Bank of England's fault that Northern Rock ran out of money because they stubbornly refused to be Ben Bernanke.
“The fundamental cause was the speed and duration, and the global nature of the liquidity freeze – heightened for us by the fact we didn’t have access to the same type of borrowing facilities available to banks in the US and from the ECB,” Adam Applegarth said.

From Northern to Jailhouse - the FSA’s Rock codename revealed
[FT Alphaville]

JC Flowers ‘leads’ Richard Branson in the race to conquer Northern Rock
[Times]
Rock chiefs ‘offered to resign’ [Financial Times]

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