Word: northerner
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...Johnson Matthey Bankers collapsed in 1984, while I was Chancellor of the Exchequer. After a few days of abortive attempts to find a genuine private-sector rescue, I authorized the Bank of England to take over JMB, close the business, and sort out the mess, which it duly did. Northern Rock is a larger and more complex case, but the principles are the same. Instead, Brown and his Chancellor, Alistair Darling, spent five months unsuccessfully trying to find a private-sector solution, which was never in any genuine sense going to be possible, least of all amid the turmoil...
...government has very belatedly concluded that a state takeover of Northern Rock is the only option. But even that has been badly mishandled. What should have been done was to put in a management with a remit to close the bank to new business, to stop all future lending, and to confine itself to managing the existing loan book and selling it off piecemeal to private-sector buyers as market conditions improve. After all, by one estimate, there is now some $200 billion of taxpayers' exposure to protect. Nor, of course, is the survival of Northern Rock of any strategic...
...heartlands. But the longer-term political cost to the government is likely to be very severe. Governments, like financial centers, need to be jealous of their reputation. The U.K.'s reputation as a financial center is sufficiently soundly based for it to recover from the blow inflicted by the Northern Rock affair. Whether the government's reputation can recover is far more doubtful...
...that's not enough, Kosovo already faces its own separatist movement: Serbs in northern Kosovo, many of whom were evicted from their homes in revenge attacks by ethnic Albanians, don't accept being dominated by Pristina for exactly the same reasons Pristina refuses to be dominated by Belgrade. With the backing of the Serbian government, they are resolved to keep their territory - some 15% of Kosovo - within Serbia...
...NORTHERN ILLINOIS UNIVERSITY Victims are treated after a student opens fire...