According to the Telegraph, the Treasury minister Yvette Cooper bowed to the inevitable and confirmed that the Government was "stepping in" to nationalize Britain’s eighth biggest mortgage lender.
It is not hard to see why the B&B had to join NRK:
On Friday, its shares were trading at just 20p
Credit default swaps cost 1500 basis points.
On Saturday, the bank was in the early stages of a run, with customer are pulling out millions from the deposits.
The bank had one million shareholders. All are about to be wiped out.
Here is the sorry list of UK mortgage failures so far.
HBOS (bought out by Lloyds)
Alliance and Leicester (bought by Santander)
Northern Rock (nationalised)
Bradford and Bingley (nationalised)
Will the list become longer?
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