Failure After Failure

DARREN STAPLES / REUTERS

ROCKED: Taxpayers' exposure to the bank may amount to $200 billion

For some years now, financial services have been the U.K.'s biggest industry. And, in many ways, London has become the world's leading financial center. With finance a global growth industry, this is a great strength to have. But it is a uniquely mobile industry, and one in which reputation is particularly important. So the still unresolved failure of the U.K. mortgage bank, Northern Rock, is more damaging for Britain than a similar disaster would be for any other country.

Bank failures are bound to happen from time to time. But unlike failures in other industries, a...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!