The travails of Northern Rock, the ailing British bank, have been big news in the U.K. Taking center stage in the drama: Goldman Sachs. After the bank ran into trouble with its mortgage exposure, the Bank of England, the Treasury and the Financial Services Authority tapped Goldman Sachs to look at financing options for a private sector sale. The deadline was mid-January. According to The Times, it looks now like both bidders--Virgin Group and Olivant--will not be able to muster private sector financing and may have to fall back on government assistance. Unless Goldman Sachs figures something out. I wouldn't count them out. Especially when fees are at stake. Some have suggested that Goldman Sachs will somehow arrange a sovereign wealth package.  

For more:
- here's an article from The Times