Northern Rock: Adam’s choice

How to make up for steering a bank onto the rocks? Adam Applegarth, the Northern Rock chief executive, has shown some contrition for the UK mortgage lender’s implosion. By falling on his sword, rather than waiting for the chop, he halved to six months the pay-off he is entitled to. But there’s no reason to stop there, given extent of the Rock’s fall. Here are two further options for showing his remorse. The first is to follow his former chairman, Matt Ridley, and waive any pay-off. The £380,000 ...