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Northern Rock chief escapes his day in court

At a time when it gave the government some credibility with the UK voters there were loud calls for the former chief executive of Northern Rock to face legal action over his handling of the fallen angel. However, we see this time and time again with MPs rushing to gain public favour by attacking those in the news and threatening action when it was never really on the cards. After all what could they charge him with? Following government guidelines and regulations?

The truth is that a court case involving the Northern Rock always had the potential to be far more damaging to the UK authorities. It would have shown how their regulations were too lax, how they delayed a move to save the bank and ultimately it would have shown how we arrived here in the first place - a free market which was allowed to self-govern to a great extent.

Maybe Northern Rock had a poor business model, maybe it was mismanaged but to claim there were legal issues to answer seemed absurd at the time and even more so today. The shadow of legal action has now been lifted from Adam Applegarth but in reality it was never there in the first place.

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