Bradford & Bingley 'rescue'

The line has to be drawn; this is a small UK lender. There will be no global impact of B&B going bust.

Let someone buy the good bits (i.e. the deposits) and anyone can get the mortgage book on the cheap, which should make up for the default ratio. The administrators can easily sort this out.

Then the rest can be liquidated, shareholders, creditors and bondholders losing out.

Sadly, my hunch is that it may be rolled into Northern Wreck....

SUNDAY UPDATE: So it has come to pass. B&B will be rolled into Northern Wreck. Watching David Cameron on Andrew Marr this morning the Tories have a better plan than the current Government in terms of re-doing the powers of the Bank of England. However, the essential point remains that there is no need for the country to 'save B&B.'
Where is the systemic risk from this relatively small provider going down?
The Government have a taste of nationalisation now and no doubt will be singing the red flag in the commons again when they next get a chance.