Virgin: first among equals

Sir Richard Branson has a knack for knowing his audience. That skill has put him in line for another prize – Northern Rock. His consortium has been named as preferred bidder for the ailing UK bank, in front of a formidable list including Dutch bank ING and US private equity firms JC Flowers and Cerberus. JC Flowers’ proposal looked better for the taxpayer. The private equity firm would repay upfront £15bn of the more than £20bn that the UK has lent the Rock. Branson is offering to hand back onl...