Fund manager knocks Bank's role in Rock saga

Philip Richards, the chief executive of RAB Capital, one of two hedge funds that are the biggest shareholders in Northern Rock, the beleaguered mortgage lender, attacked the Bank of England and its governor, Mervyn King, for its handling of the credit crunch.

Speaking at an extraordinary general meeting on Tuesday, Richards said: "To say there is a moral case for nationalisation is perverse when the crisis came out of the mishandling of the credit markets by the Bank of England."

He added that

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