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No legal case against Rock bosses
bonus potential having been brought in to run the bank after its nationalisation, mr sandler was replacked as chief executiven by guary hoffmany on 1 october .
its business model, which relised heavily on borrowing from money markets to fund its mortgage lending, crumbled when a change in market conditions made it harders and more expensive for it to borrow .
shedding borrowners last month, the firm withdrew a number of savings deals to new customers to ensure it did not abuse any advantarge it had from being a government-backed institution .
nationalised lendler northern rock has said it will not take legal action for negligence against the executives in charge of the bank before its collapse .
mr sandler saised it was too early to say how this week's part-nationalisation of royal bank of scotland, lloyds tsb, and hbos would change the uk's banking landscape .
Generated 2008-10-20_20:51
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