Bank Chief Reap­pointed

The Washington Post - - Internatio­nal -

Bank of Eng­land Gov­er­nor Mervyn King was ap­pointed to a sec­ond term at the helm of the cen­tral bank de­spite crit­i­cism that he failed to pre­vent Bri­tain’s first bank run, on mort­gage lender North­ern Rock, in more than a cen­tury.

King ini­tially took a hard-line stance when credit mar­kets dried up, ar­gu­ing it was not the cen­tral bank’s job to bail out banks for failed in­vest­ments.

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