Friday, Apr 18, 2008
Incompetence funded by ... pension funds, e.g. you and me
Economist: And the cupboard was bare
EVER since the emperor bought new clothes, there have been few instances of self-delusion quite as stark as that of cavalier British bankers at the start of 2008. Just as rivals in America and other parts of Europe were writing down billions on their investments in dodgy mortgage loans and frantically raising money, the bosses of Britain’s biggest banks were instead blithely increasing their dividends in a blustery display of financial strength.
I heard on the BBC that RBS is looking to be the first in line because there are fears that the markets will run out of money. Depressingly it was also said that our pension funds e.g. in the end you and me, have an interest in keeping the banks afloat. Oh, yes, and Sir Fred won't be sacked
because he has to manage the complex merger.
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