Friday, November 27, 2009

Bank and Treasury caught with their fingers in the till

Treasury forced to reveal secret £62bn loan for banks

The Government only released details of the Bank of England's secret emergency loans to two of Britain's biggest banks because Whitehall's own spending watchdog was planning to reveal the bail-out week.

Posted by devo @ 07:07 AM (1165 views)
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2 thoughts on “Bank and Treasury caught with their fingers in the till

  • Just so we’re on the same page, the Freedom of Information Act 2000 details that there is an ‘overriding public interest’ in situations when taxpayers’ money is given to private organizations. In other words, FoIA requests for disclosure in these cases HAVE to be met with full responses.

    Only in this case, they weren’t because the Bank of England deemed it unfavourable to do so at the time. I’d consider that a gross corruption of intention of the Act.

    After all, what’s the point of having primary legislation if it can be overridden at the drop of a hat?

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  • My gut tells me there is more suppressed bad news that will emerge, slowly but surely. I think most people here were sceptical about the Green shoots, the recovery, the stock market rally and house price rises. This is only MHO, but I said a couple of week’s back that the bear campaign will begin in earnest figuring that the suckers rally is nearing its end.

    I’m sure someone will tell me I’m not looking in the right places, but there is a simple saying “If you have to look [for a recovery], it isn’t there”
    Alistair Darling is going through a reality a check as well and will announce the recession is worse that he thought and Britain’s growth forecast will be revised downwards.

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