Word: rocks
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Dates: during 2000-2009
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...late June 2007, on the day Gordon Brown took over as Britain's Prime Minister, Northern Rock was enjoying the summer. In a good first half of the year, it had lent a lucrative fifth of the U.K.'s new mortgages. Its stock traded around a healthy $17 mark. That glorious summer is over now. The harsh winter has put a very different shine on things...
...Sunday, Brown was forced to nationalize Northern Rock, after months of searching for a private sector buyer for the stricken lender. The move - the first nationalization of a British business since the 1970s - triggered the suspension of the bank's shares Monday. (Price? Less than $2.) And it's left the Brown government's own stock much more vulnerable...
...defense, the Prime Minister had little option but to take on Northern Rock, which was caught short of cash after the money markets it depended on for funds froze over last fall. There were two private bids - one from Richard Branson's Virgin Group, another from the bank's own management. But the Treasury's statements indicated that they fell short of offering enough in return for the $100 billion in loans and guarantees made to Northern Rock by taxpayers. Goldman Sachs, the investment bank advising the government on its handling of the company, didn't disagree...
There'll be a lot more developments to follow. It'll be years before Northern Rock can think about returning to the private sector. And though it'll be managed by Sandler "at arms length," as Brown insisted to reporters Monday, the potential for further government embarrassment remains high. Shareholders of Northern Rock - unlikely to get much in return for their investment - are threatening legal action. Robin Ashby, founder of the Northern Rock Small Shareholders' Group, said the bank had been "stolen away from them." Worse still, the dirty business of trimming the bank's 6,000 strong staff - something...
...maybe, if the artist doesn’t push the boundaries of music, the product will still boast some diversity. At the very least, said artist should present songs that are distinguishable from one another. Unfortunately, Jason Collett seems hopelessly incapable of doing any of these things. The folk-rock artist, who hails from Canada, recently released his fourth solo album “Here’s to Being Here.” Collett, perhaps better known for his membership in the heavily-populated indie-rock group “Broken Social Scene,” took time...