Matthew Ridley | Anorak

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The Silence Of The Bankers

For months Anorak has been calling for heads on the block. For months we have said the banking system was the cause of the present crisis and not the use of hedge funds or marginal calls.

Too late the penny has dropped with UK Financial Services Authority. It’s staff of regulators watched Chairman Matthew Ridley and the inexpressible Chief Executive Adam Applegarth run Northern Rock from safe, dependable, building society to a runaway bank going over a cliff. Both Applegarth and Ridley walked away with pay-off deals intact.

It turns out they were nowhere near the worst and may now be classed as rank amateurs in the esoteric world of low-dealing high financiers.

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Posted: 14th, October 2008 | In: Reviews | Comments (4)