Friday, 19 October 2007

Rock head rolls

Just a quickie. The first casualty at Northern Rock is chair Matt Ridley who resigned today. According to the Beeb:

Mr Ridley told the Treasury Select Committee on Tuesday, that the bank had been hit by "wholly unexpected" events and he defended the way he and his colleagues had been running the bank.

"We were subject to a completely unprecedented and unpredictable closure of the world credit markets," he said.

He was accused of "damaging the good name of British banking" by the committee of MPs.

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