MPs tell Northern Rock execs to resign

The Select Committee was keen to discover why Northern Rock was the only bank to suffer from a bank run in over 150 years and whether Northern Rock’s senior management were to blame. The Committee criticised the bank's senior managers for destroying the reputation of both Northern Rock and the British banking sector. Several members of the committee suggested members of the board should resign over the crisis. Northern Rock's managers were criticised for failing to foresee the freezing of global credit markets, which the Select Committee said it was well aware of much earlier in the year....