Hard Rock

Citigroup is taking its time committing cash to Northern Rock. Last week, the stricken UK lender thought it had secured a lifeline from the US bank which it had just appointed as an adviser. But the US giant has not yet come up with the goods. That’s not surprising given the rescue is fraught with difficulties. Sure, there’s money to be made helping distressed mortgage houses. Look at what rival Bank of America screwed from Countrywide in return for a $1bn investment cash injection. BoA has t...