The banks have no such thing as an "economic obligation" to do anything. They are private companies with shareholders, even if in a couple of cases some of those shareholders happen to be the taxpayer. Their only obligation is to them. If lending money makes commercial sense, they'll do it. If it doesn't, they won't. But here we have a Conservative Chancellor speaking to them as if they were an arm of the state. Has he been going to seminars with Tony Benn? Though I doubt Mr Benn himself would ever think in such fatuous terms. No: Mr Osborne learnt it from Vince Cable.
Simon Heffer- The Telegraph
Equally the Taxpayer was under no obligation to bail these private companies out. The Private Banks are now making 'profits' the Public purse is dented for two generations.
Banks appear to have one objective in this country to get to the too big to fail status. Then they can take uncommercial risks, because the risk management has been shifted else where.
State interference caused Lloyds to acquire HBOS, and sink that below the waterline, HSBC, Barclays have survived the maelstrom intact by raising new capital, Lloyds could have do so as well.
Why is it?
1 day ago
4 comments:
Vince Wormtongue?
Cuff-links are the answer.
We need to return to a system where those who are prepared to speculate large amounts of money are prepared to pay with everything they own.
It was a great day when Names started to go bust instead of crowing about how much free money they were making. We need to do the same to investment bankers.
It was a great day when Names started to go bust instead of crowing about how much free money they were making. We need to do the same to investment bankers.
or Roulette players ! Agree fully
Limited liability has been punctured by the State for everybody bar Government Ministers and too big to fail bankers.
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