Northern Rock, which suffered the first run on a British bank in 140 years, will be nationalized after the government confirmed that it had failed to reach a private-sector deal.
Treasury chief Alistair Darling ended months of speculation over the fate of the company on Sunday by announcing the ailing mortgage lender will be placed under temporary public ownership after two private rescue bids failed to meet the government's criteria for protecting taxpayers.
"The new board and the company will operate at arm's length from the government, with complete commercial autonomy for their decisions," Darling told a news conference Sunday.
He …
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