Rock administration: Not too late to learn

Here is what should have happened. The UK authorities – the Financial Services Authority, the Bank of England and the Treasury – should have met on August 9, the day the European Central Bank promised unlimited support to the near-frozen money markets. They should have said: “There could be a run on some bank here. We must be sure we can get the depositors’ money out. Otherwise, our hands will be tied.” Here is what did happen. There was a run on Northern Rock. The authorities’ hands were tied....