I'd argue you're both wrong - it went wrong because they could no longer meet their funding requirements on the wholesale markets once they dried up.
The next few days of results are going to be very interesting - B&B have already announced massive writedowns (stupid that they didn't write anything down sooner), A&L next week (although they've already announced the losses on SIVs etc.). I'm very interested to see HBOS.
#3063400, By bainbrge Northern Rock to be Nationalised
bainbrge 1,687 posts
Seen 5 hours ago
Registered 13 years ago