Quote ="Dally"NR made a commercial decision on risky lending. It failed. What was reprehensible, as I said at the time, was Gordon Brown rescuing NR. He should have protected their depositors, sold their loan book and had it wound up asap. That would have sent a strong message out. Instead for political reasons (employment in the NE, I assume) he chose to prop it. It should have been seen to have failed and its name immediately expunged.'"
At the time that it happened there were probably several other banking CEO's on the phone to him on the hour saying "I think we need to talk Gordon", Northern Rock didn't happen in isolation, they were just the ones to go out in the first round of musical chairs.
