Quote:
Originally Posted by colby2152  My question was poorly wrote... fixed that. I am still lost at how some executive's personal life would eliminate all banks. |
You must have a different Northern Rock in mind.
Northern Rock is one of the UK's biggest mortgage lenders. As a result of
nervousness on the part of other financial institutions Northern Rock could
not get any further inter-bank loans to finance its business (despite it being
a going concern at no significant risk due to sub-prime lending, and by all
accounts sound as such institutions go).
The real problem was at the height of the affair the press were carrying
accurate descriptions of how the financial system worked and exactly what
money was (which lead to a run on Norther Rock)
RonL
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