Article: The Northern Rock auction: what a fiasco

Sorry, but just who is running the auction for Northern Rock? Is it the beleaguered bank's board? Is it their coterie of advisers - Citigroup, Merrill Lynch and Blackstone? Or is it Goldman Sachs, the adviser to HM Treasury? It might even be the FSA, the City watchdog. The trouble is, no one seems really to know.

Certainly not the bidders to buy Northern Rock, which include some American private equity groups and Virgin, headed by the ever- opportunistic Sir Richard Branson. One bidder told me yesterday that they are submitting their expression of interest to every single bank involved. The situation is not helped by the fact that Northern Rock's three advisers by all accounts hardly share ...

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