Highly interesting document up on wikileaks regarding the sale of Northern Rock. If true (and the threats from the lawyers seems to imply it is) it confirms what I have said all along – Northern Rock is still a valuable entity and the only problem with it is that it ran out of cash – i.e. it was a liquidity problem that brought it down, not a capital one.
Give it a read for interest’s sake. If you are in any doubt as to the true nature of the Rock’s difficulties, this shows them well.