bank run in the UK

[kimchi]

[ QUOTE ]
The bank is the fourth largest corporation in the world in terms of assets (as of Dec 31, $1.861 trillion)

Net income $15.8 billion USD (2006)

I think you are going to be OK.

[/ QUOTE ]

If I were concerned about the future of my bank and/or savings, then these numbers would do nothing to re-assure me.

The UK government has agreed to underwrite Northern Rock's savers for the moment. This stinks and is a dangerous precident.

The UK tax payers might end up paying for irresponsible business management (again).

[john kane]

not sure to be worried by this:

went to football match tonight with brother, without me saying anything he said he was really keen to buy northern rock shares. he says its annoying becuase he has no way of buying them tomorrow. i say that i have a spreadbetting account and explain about how it works. he initially wanted to put £7k on with a 200p stop loss, so £70 per 1p swing in sp.

i then realised this was a bad idea, that he was taking a suggestion from someone who knows so little (me). so i then backtracked and said that it really isnt a good idea getting into this, that if he is interested he should read up as much as he could. nevertheless, like me, he ignored advice and now wants me to put down £2k (i managed to pursuade him to only go for £2k rather than £7k) tomorrow if the price isn't too volatile.

[censored] i wish i hadn't said anything about this, i've told him to not get into this, but he seems determined.

either way though, northern rock fundamentals seem okay, so they should bounce back i hope.

crazy to see alliance and leicester, down 30% friday, up 30% monday. some people have made a lot of money.