Monday, 19 January 2009

close to the wind

sinking shipTwo years ago, one of the well known British Bank's shares were valued at around six quid. Today, Monday, they are worth 11.6p. One fiftieth.

The recent £20 billion of state aid wasn't enough to prevent an estimated £28 billion loss. Their purchase of a foreign bank soaked in sub-prime lending last year didn't help.

And now short selling is allowed again and other banks are taking on further water as playful dealers bet their bonuses on the degree of nationalisation of the banking sector.

Well, it seems we all like a flutter, so now our taxpayers' money is again being used to support the reckless financiers who have sailed their savers' money into every available rock. Despite Gordon's apparent anger at the recent run of events, there still don't seem to be many top cats being truly held to account over their steering of these badly trimmed vessels.

And whose watch is this on? He, too, should be called to account.

No comments: