"[Bank of England Governor, Mervyn] King wanted to do a covert deal, providing Northern Rock with emergency funding behind closed doors. He argued that this was the easiest way to save the Rock without spreading panic. But lawyers kept telling him that he could not do this – it would breach the EU's market abuse directive."
So, has that directive now been done away with? And, if it was a bad idea to make it public back then, why is it scandalous to keep it secret now? Colour me confused.