It summarises the House of Commons Treasury Committee report of 24 January, The run on the Rock and laments 'yet another unfair attack on shareholders':
So the report goes on to conclude “that shareholders as a whole must be viewed as taking a risk from which they sought a reward and for which they are now paying a price”. In effect they seem to be implying that it is no concern of theirs that shareholders lose all because the stock market is pure speculation – utter nonsense in my view. Investors rely on fair and adequate regulation of stock market companies and they should be adequately protected against deficient regulation. That is why we have argued all along that the Government has some moral if not a legal responsibility to promote and support the interests of shareholders in Northern Rock because the Government was ultimately responsible for many of the failures that contributed to the difficulties of the company.
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