Every Taxpayer Forked Out £7,600 To Prop Up The Disgraced Banking Industry.

[eric pebble]

Every taxpayer fork[ed] out £7,600 to prop up the disgraced banking industry.

But Mr Southwell is facing some awkward questions rather closer to home – questions which should also be directed to Bank of Scotland (HBOS), the multibillion-pound bank which had to be rescued by the British taxpayer at the height of the credit crisis because of a catalogue of reckless lending that brought it to the brink of extinction.

..//..

However, an analysis of the company's brief but extraordinary five-year history sheds light on some of the decadent lending policies that led, according to the National Audit Office, to each and every taxpayer forking out £7,600 to prop up the disgraced banking industry.

http://www.independent.co.uk/news/uk/politics/exclusive-the-cameron-crony-the-private-jet-company-and-a-crash-landing-that-cost-taxpayers-100m-9350090.html

It cost each of us £7,600 to prop up the Banksters.... Who otherwise would have ended up in complete oblivion.... Completely staggering.

Edited May 11, 2014 by eric pebble

[eric pebble]

Er... Wot?

http://realestate.msn.com/article.aspx?cp-documentid=27145486

[libspero]

To be fair, the bank of England printed almost that amount per person as well so it probably balances out.

Not sure if anybody's really learnt anything though. Except next time around speculators will feel more comfortable in the knowledge that the worst that can happen is that the BoE has to print a ton of money again to underwrite/support the value of their tulip bulbs at peak valuation.