FT.com / UK - Northern Rock sale to be delayed.
Alistair Darling, UK chancellor, is expected to delay the sale of the healthy parts of Northern Rock until after the general election, it emerged on Tuesday, as the nationalised bank announced half-year losses of almost £725m.
Three things:
a) This bank is not saleable as yet
b) This bank is not going to be saleable for a long time to come
c) This bank should be split into good and bad bank elements: the bad bank wound down, the good bank should be riolled into a People's Bank owned by the state. There is pressing need for this. Has no one else noticed that the existing banking system is already lining up the next banking crisis?
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