This is not the first time I have posted about Northern Rock losses. In fact, I was against the nationalisation of Northern Rock from the start. The business model was just so skewed to allow it to continue. Best value was to allow it to be broken up and sold off.
Instead, to save the banking system, the Government stepped in to save the bank of its heartland voters.
Now look what we have, a complete mess of a bank, which has already cost taxpayers a fortune. Worse losses than last year, a mortgage book in 3.29% arrears - comfortably worse than any major rivals.
This was always going to be the case with such a basket case of a bank.
What do the Government suggest? Sell any last profitable bit as soon as possible whilst keeping all the losses for the taxpayers.
Lord Mandelson is not a business genius.