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What's going to happen to Northern Rock?
Vince Cable, the acting leader of the Liberal Democrats who has long argued that Northern Rock should be nationalised, said: 'It is not an ideal situation but it is the least damaging solution and it is increasingly becoming the only solution. 'The private bidders, particularly the Branson consortium, look as though they are not able to raise the money that is necessary to take over the bank and guarantee in full the repayments to the taxpayer. A period of temporary public ownership is therefore necessary to stabilise the situation and give time to turn the bank around before floating it under better conditions.' The Government is taking nationalisation as a very serious option if a rescue plan cannot be found within two months. The Treasury has already drafted an emergency Bill that could be turned into law in less than 24 hours if needs be.
Ethanol investments cool; some still bullish on corn-based fuel
SPIRITWOOD, N.D. - Harold Newman shuttered his financially foundering ethanol plant in October and then broke ground on one 10 times the size."It sounds crazy - but it appears to be the opportune time to do both," he said. Just a few months ago, Newman said, those who had invested in ethanol "made nothing but money." But the boom has burst, profits have faded and ethanol isn't the moneymaker it was. Many potential investors are now looking elsewhere. .
Darling on Rock
Northern Rock should have be put into administration and cease to write new loans or accept new deposits. The loan book should be run down or sold and the proceeds used to repay the Bank of England. What is happening now is nothing more than the subsidisation of Northern Rock shareholders by the Government. It is a total and utter disgrace. .
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