18 February 2008

Who benefits from Northern Rock?

Does the government?
Do the taxpayers?
What about shareholders and employees?
How about management? ... Ah yes there's your answer; according to the Times:

Ron Sandler will become executive chairman of the bank and be paid an initial £90,000 a month for his services. He will be assisted by Ann Godbehere, a Canadian accountant and insurance executive, who is to be paid £75,000 a month. Mr Sandler, the former chief executive at Lloyd’s of London, flies to Newcastle today to begin talks aimed at “contracting” the business before a sell-off. He refused yesterday to rule out job losses at the bank, which employs more than 6,000 people.

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