Apparently the Pottery Barn rule — you break it, you bought it — applies to subprime-afflicted banks as well as to irritatingly aspirational home-thingie stores. Case in point: Tonight’s story from the Telegraph about one possible outcome for badly-busted U.K. mortgage bank Northern Rock:
The U.K. government has drafted a bill that could see mortgage bank Northern Rock nationalized as early as February if it can’t strike a deal to be bought, according to a report in the Telegraph newspaper Wednesday. The government is seeking the support of opposition parties so the bill could be pushed through in a single day, the newspaper said.
That’ll teach you savings-happy U.K. bank customers to make a run on a failing bank: We’ll nationalize the damn thing and then you taxpayers will own the mess. Excellent.