Crank Up The Presses, Print More [Money] There's A Run On The Bank!

Posted on Friday, September 14 at 16:21 by Diogenes
For 65-year old Tony Looch, with savings of 135,000, the lender's calming words were not enough. "I'm prepared to wait as long as it takes. I'm taking the lot out, if they'll let me have it," said Mr Looch, who was queuing outside the bank's Moorgate branch, in the heart of the Square Mile. "I'm absolutely appalled that they should be so badly run and so badly regulated. I thought they were totally reliable and secure -- they're supposed to be regulated these companies." Northern Rock shares had plunged more than 20 percent by early afternoon after the lender slashed its profit forecasts and admitted it was seeking help from the central bank. Based in Newcastle, Northern Rock has 76 branches around the UK, has about 1.4 million savers, around 800,000 mortgage customers, and retail deposits of 24 billion. http://www.telegraph.co.uk/money/main.jhtml;jsessionid=XBV5D2AH3XHJZQFIQ http://www.gata.org/node/5497

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