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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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From: redfrecknj10/8/2007 6:01:00 PM
   of 110194
 
Northern Rock is in trouble because it has financed its mortgage book by borrowing commercial money rather than taking deposits from customers. To do that it has issued ‘commercial paper’. And now no one wants it.

I’ve looked at that ‘paper’. I’m not surprised no one wants it. Most of this ‘paper’ is issued through a long series of special purpose vehicles which re named in its accounts. To get some idea look at this list:

taxresearch.org.uk
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