September 21, 2007 Northern Rock : Savers flock to withdraw savings
Northern Rock, a building society turned bank, along with Bank of England boss Mervyn King, the FSA and most other money lenders, became the latest organisation to be dubbed 'beleaguered' by the entire British media. Despite acknowledging that the crisis had been caused by irresponsible lending in the US housing market, the press tore into the worsening financial situation and pointed the finger firmly at the Government: "Britain's rebooted regulatory system put
in place by Gordon Brown in 1997 allowed the current crisis to occur" (Daily Mail, 16 Sept).
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