In our country, the most important issue in any crisis is figuring out who to blame. Refined distinctions are not a necessary part of this blame assignment process, and blame can be assigned indiscriminately. On the other side of the Atlantic, they are going about it completely diffently.
Northern Rock, is not intending to bring legal action against its former directors after taking advice from Freshfields Bruckhaus Deringer and KPMG Forensic.
NATIONALISED lender Northern Rock revealed yesterday that no legal action would be taken against former directors at the centre of the group's collapse last year. Management said a review by Freshfields Bruckhaus Deringer and KPMG Forensic into the previous leadership at the bank, headed by chief executive Adam Applegarth, had found "insufficient grounds to proceed with any legal action for negligence".
Northern Rock was nationalized in February this year after concerns about its liquidity, which forced the Bank of England to make emergency loans and led to the first run on a bank in the U.K. for over 100 years. The nationalization generated roles for a band of London firms, with Freshfields advising the bank itself and Slaughter and May acting for the Treasury and Clifford Chance was brought in for regular Freshfields client Bank of England.
Which is the right way in your opinion?
Stephen A. Cunningham; MAI, CCIM
Managing Director
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Stephen thanks I guess they don't pitch the rich against the poor like our politicians do.