I must confess, I do feel a bit of sympathy for Bank of England head honcho Mervyn King. After all, the bank is meant to be the lender of last resort, not the bailer outer of first resort to banks that misread the market. Still, the Northern Rock saga has developed into such a sorry tale that old Mervyn is going to have to do a lot of swirving if he’s to avoid the sack.
September 21, 2007