Northern Rock should have been allowed to fail
Posted by Graeme in Business & Investment,Economics at 10:05 am on Friday, 14 September 2007
Willem Buiter is quite right to criticise the Bank of England’s bailout of Northern Rock. The message to bank directors and shareholders is quite clear: “take big risks, and if they go wrong the taxpayer will pay for your mistakes, if they work, you can keep the profit”. (more…)
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