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Going Down the Tubes?(Periscope; CITY OF LONDON)(Northern Rock)(Brief article)

Newsweek International

| April 07, 2008 | Kantrowitz, Barbara | COPYRIGHT 2008 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Barbara Kantrowitz

As the Bear Stearns meltdown made front-page news in Britain last week, London bankers worried Wall Street's chaos could spread across the pond. And with good reason: bankers and regulators are still feeling the fallout of their own recent crisis of confidence.

Last fall, after reports of liquidity problems at Newcastle-based Northern Rock, anxious account holders led the first run on a British bank since 1866. The lines lasted only a few days, but in that time, consumers reportedly withdrew billions in deposits from branches of Northern Rock, Britain's fifth largest mortgage lender. Offers from potential rescuers--including Virgin's Sir Richard Branson--were ...

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