Northerners can’t run banks

Look at the British banks that have got into the worst trouble:

• Northern Rock (Newcastle)
• Halifax (Halifax)/Bank of Scotland (Scotland)
• Bradford (Bradford) and Bingley (Bingley)

I’m just saying.

Update: Chris Dillow also sees a pattern: “Not a single building society that demutualized in the 90s now survives as an independent company.” Well, it’s a nice theory, but my one’s clearly better.