The three, separate runs on Northern Rock ended in the very public disgrace of queues on the streets by desperate retail depositors (the last to realise it was time to run) trying to get their money out, being shown across the world.
The only reason we are not reacting quite so sharply to the run on Bear Stearns is because, as at Northern Rock, the wholesale run,the panicked withdrawal of capital by leading financial institutions from an investment bank, won't lead to queues in the street. In this case there will not be a retail run to follow as there are no retail depositors; but if I had deposits in any bank with a similar structure to Northern Rock or Bear Stearns, I would be waiting for the doors to open on Monday morning.
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