Erk! It's a competence issue too

Northern Rock nationalisation in turmoil over offshore trust | Business | The Guardian: "Liberal Democrat spokesman Vince Cable, a supporter of the Rock's nationalisation, suggested an Exocet may have gone through the government plan. The leftwing Labour MP John McDonnell, one of the first MPs to raise the issue, claimed the nationalisation programme could not proceed without the issue being addressed.

The chancellor, Alistair Darling, met Cable yesterday in an attempt to reassure him and retain vital Liberal Democrat support. Cable came away unconvinced. Granite accounts for almost half of Northern Rock's book of mortgage loans."