The UK Government has let the British people down again with the decision to Nationalise Northern Rock. I say this because a lot of people, especially those living in the North of England, have put a lot of money into the bank and left it there to help the bank out.
Thousands of people also purchased Shares in Northern Rock hoping to help the bank stay afloat. Now they stand to lose a lot of money because the Labour Government have decided to Nationalise Northern Rock.
Share dealing has been suspended as of Sunday 17th February. This prevents any one who owns shares in Northern Rock from selling them in order to get any of their money back.
Chancellor Alistair Darling, said ” an independent auditor would see how much shareholders should get, but the bank would be valued as if it had not received any government support. While the government has criticised the bank’s business model, it has blamed a credit crisis that started with risky mortgage lending in the United States and has spread throughout the world for sparking Northern Rock’s woes. ”
The British Government should take a long hard look at themselves and find out how they let Northern Rock get in to this mess in the first place.
But don’t count on getting anything like what they were worth before the decision was taken by Labour to sell share holders out. If i was Alistair Darling i would change my surname. I am sure that the British people will be calling him something more appropriate.