Adam Applegarth, Northern Rock, Pay-offs and Beards
Never trust a man with a beard, according to City of London folklore. If only Adam Applegarth had outed himself as a beard-wearer before he led Northern Rock crunching into the dirt. Quite apart from the £25 odd billion of debts he left the British taxpayer, we might have avoided seeing the Rock wrecker with a massive pay-off. At £760,000, it is surely one reward for failure that could do with a decent shave.
The initials of this disgraced chief executive may have sent backers barking up the wrong tree too. Far from deserving a AA credit rating, this was a company that sailed so close to the wind it ended up as junk.
I understand that the next World Beard and Moustache Championships are to be held in Anchorage, Alaska. Don't be surprised if you hear that Mr AA has entered - if for no other reason than to give him the excuse to get the hell away from Newcastle, and spiteful little bloggers like me.










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