Darling faces new storm on Rock decision


	Darling faces new storm on Rock decision

JICWyllie

2-17-2008 12:32 PM

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tags:

economy, financial markets, i-policy, i-nationalisation

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/2b05d039-b649-42eb-ab6b-3f92e64277e9/547CF4E4-5053-4822-8A38-7548BAE553B3/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.guardian.co.uk/business/2008/feb/17/northernrock.alistairdarling" href="http://www.guardian.co.uk/business/2008/feb/17/northernrock.alistairdarling" style="font-size: 11px;">www.guardian.co.uk</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.guardian.co.uk/business/2008/feb/17/northernrock.alistairdarling"><P>Taking the bank into public ownership - which could mean sacking thousands of staff and making taxpayers in effect bear the risk of 'owning' £100bn in mortgages - would trigger a storm of protest, capping a disastrous few weeks for Alistair Darling, in which he has twice had to retreat over key tax proposals.</P><P>Nationalisation would also be an embarrassing admission of defeat after the Treasury has spent months trying to find a private buyer for the bank, while MPs warned yesterday that any deal could end up bogged down in a lengthy court battle with shareholders.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.guardian.co.uk/business/2008/feb/17/northernrock.alistairdarling">However, Darling insisted yesterday that nationalisation was 'still a real option', even as Richard Branson's Virgin consortium and the Northern Rock management team submitted last-minute revised bids to the Treasury. 'I've always said that I would prefer to get a private-sector solution, but, if that isn't possible... it might be more appropriate to take the bank into public ownership for a short period,' Darling added.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/547CF4E4-5053-4822-8A38-7548BAE553B3/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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