BusinessCompany NewsEx-Northern Rock FD pans bank

Ex-Northern Rock FD pans bank

Bob Bennett delivers stinging criticism of Northern Rock's financial strategy in the period after his departure

NORTHERN Rock’s former FD has laid into his old employer at the company EGM.

Bob Bennett left the bank in January 2007, after 13 years of leading
operations in the finance function, but panned the bank’s current lending
practices.

‘The credit crunch that was obviously coming should have led to more
restrained [mortgage] volumes,’ Bennett told
The Daily Telegraph.

‘I thought the housing market was slowing down. I thought the appetite for
securitisations would be lower, therefore lending should be more restrained.’

Bennett also believed that nationalisation would be the right option for the
bank going forward.

‘The government should nationalise it,’ he said. ‘Unless something happens
they will destroy what Northern Rock was.’

Further reading:

Why
the Treasury is no mere finance officer

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