A year of hurt (TT Jun08 p24-25)

Widespread panic, in fact, almost virtual hysteria was seen across the UK in September 2007 when it was officially announced that Northern Rock was in serious trouble. For months, the FSA despite its regulatory powers, sat back and watched, according to some commentators. In sharp contrast, the plight of Bear Stearns in the US was dealt with swiftly by the regulators. Jennifer Carruth reports from the ACT Annual Conference.