We read that the outgoing CEO of Northern Rock may be in line for a salary pay out of c.£800000 & a pension pot of two million £. The last UK Bank run before Northern Rock was the City of Glasgow Bank in 1878. Its' directors went to Gaol for between 8 & 18 months. A more deserving reward for Northern Rock methinks. It would be an outrage if any Northern Rock Director received a penny for loss of office. They were handsomely paid (grossly overpaid!) for a flawed business model that eventually caught them out.
The Liberal Democrat Vince Cable warned of this some three years ago. Naturally no one took any notice. The Government has so far put billions of taxpayer money into propping up Northern Rock. Meanwhile, a year on, the poor people who saved with Farepak still wait for some of their money back. The lesson to learn is that if you are going to be a disaster be a big one.
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