In what has been a very bad day fro Northern Rock shareholders shares have now fallen to 93p per share down from £12 in February.
The collapse also covers the time when the former CEO was urging others to buy shares whilst selling his. I wonder if that will lead to a law suit against him.
It also does not bode well for the tax payer getting their money back, with £24 billion lent directly and many more billions used to guarantee depositors funds.
The question to be asked about Northern Rock's shares is "how low can they go?"
The BBC has this.
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with £24 billion lent directly
Are you sure about this? Where has the £24B gone?
I thought that their loans were backed up by the property being mortgaged and even if house prices had declined there would be no call for cash until loans were defaulted upon...
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