Top 10 Worst Biz Deals
Luke MacGregor / Reuters
#10. Virgin Money Bids for Northern Rock
The stolid English mortgage bank is deflowered by collateral damage from the subprime crisis. Although it's not a player in CDOs, it relies on short-term commercial paper for funding. So do CDOs. That market grinds to a halt. Result: a straight-out-of-the-Depression run on the bank, forcing the Bank of England to bail it out. Sir Richard Branson's Virgin's consortium offers to buy the Rock at a steep discount, diluting shareholders with a rights offering. Shareholders are not amused.
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