Acting leader says entire Northern Rock management board should have been “cleared out on day one”

Vincent CableThis story appears in the Guardian and other places:

Commenting on the resignation of Northern Rock’s chairman Matt Ridley, Liberal Democrat Acting Leader and Shadow Chancellor, Vince Cable MP said: “The Government should have made Mr Ridley’s departure a condition of its loan, rather than waiting for him to go.

“Furthermore there are other directors, including Derek Wanless, who are equally culpable. All of the senior management of the company led by Mr Applegarth should have been cleared out on day one.

“I nonetheless welcome this step as belated recognition that somebody in Northern Rock should be held accountable for its failures and for the exposure of public money which is now at risk.”

Read more by .
This entry was posted in News.


  • Detail Seeker 20th Oct '07 - 1:18pm

    What a load of rubbish. Vince is on typical reactionary form. Leaders of companies should never be forced to resign before the details of a crisis are known. Part of their huge pay packets includes a duty to troubleshoot when things go wrong. Booting out management and getting someone new in in the middle of a crisis can not only cause market shocks and destabalise recovery, but also makes decision making so much harder.

    Surely we can do better than this tripe?

  • Line ’em up against a wall and shoot every third one.

  • Martin Land 21st Oct '07 - 1:53pm

    Perhaps it would have been enogh for Vince to appear on the lunchtime news and say their leadership was under question?

Post a Comment

Lib Dem Voice welcomes comments from everyone but we ask you to be polite, to be on topic and to be who you say you are. You can read our comments policy in full here. Please respect it and all readers of the site.

To have your photo next to your comment please signup your email address with Gravatar.

Your email is never published. Required fields are marked *

Please complete the name of this site, Liberal Democrat ...?


Recent Comments

  • Peter Davies
    Cost of living may be the main issue but it will never be our issue. It's the Tories issue (in a totally negative way). We only gain if we are putting forward a...
  • Fiona
    You raise some very good points Charley that need more consideration in decision making at all levels. Unfortunately, as seems inevitable these days, anything a...
  • John Barrett
    I too was sorry to hear you had been going through all this. Hopefully in the weeks and months ahead things will improve, and the medical world will wake up to ...
  • John Barrett
    Really sad to read this news. He was a lovely man. Having travelled abroad with him many years ago to a variety of meetings, he was always kind, thoughtful and ...
  • Tim Rogers
    Cost of Living is the issue here in Cornwall as elsewhere. If you can marry that up with Brexit then that's fine but rejoin cannot be a main platform. I spent t...