This story is covered in detail elsewhere. However, it is worth noting that £80 million in fees to clever consultants did not stop the Government signing up to a fantasy business plan - house prices to drop 5% over 3 years - really sticks out. As does allowing another £800 million of 125% mortgages after March 2008.
Whatever the case for nationalisation due to financial collapse in banks, this just shows yet again that the UK Government cannot run private companies. It may well be that due to losses Lloyds, RBS and Barclay's do end up fully naitionalised, but it will not end well if they do.
The Treasury is not full of highly intelligent super-humans who can run everything, as Gordon Brown wold like to believe. it seems the opposite is nearer the truth.
We said close NR when it went bust, it was the wisest strategy at the time and remains so to this day. saving Northern Wreck has been a total waste of money
A very good point. The impression given by Brown is always that nationalisation will 'stop the rot', that things won't get any worse once he has stepped in to save the day.
ReplyDeleteHe should remember that if these Treasury bods were so smart that they could run numerous banks simultaneously, they'd probably be earning millions working in the financial sector themselves....
LFAT - Exactly. See last Friday's post for their approach...
ReplyDelete"The Treasury is not full of highly intelligent super-humans who can run everything" - I think I heard somewhere (could be completely wrong) that UK Financial Investments - which holds all the share holdings - only has a staff of about 15.
ReplyDeleteI don't know if this is a good thing as it proves they won't meddle as they don't have enough people to do so.
Or extremely worrying that there are so few of them on such an important job!
RE - they have goldman sachs / slaughters and may on huge sums to do the meddling for them.
ReplyDeleteThe G20 is all about a common European Whelk Store approach.
ReplyDeleteThere's not much agreement there either.
Once we moved the bad apples into good barrels the rot will stop!
ReplyDeleteA.D. 1125 . In this year sent the King Henry, before Christmas, from Normandy to England, and bade that all the mint-men that were in England should be mutilated in their limbs; that was, that they should lose each of them the right hand, and their testicles beneath.
ReplyDeleteThis was because the man that had a pound could not lay out a penny at a market. And the Bishop Roger of Salisbury sent over all England, and bade them all that they should come to Winchester at Christmas. When they came thither,
then were they taken one by one, and deprived each of the right
hand and the testicles beneath.
All this was done within the
twelfth-night. And that was all in perfect justice, because that they had undone all the land with the great quantity of base coin that they all bought.
Anglo Saxon Chronicle
Translation by Rev. James Ingram (London, 1823).
Even Mr Peston isn't pleased with the NR report. {see sidebar}
ReplyDeleteMaybe he will you back on again now CU
"The Treasury is not full of highly intelligent super-humans who can run everything"
ReplyDeleteEven if it were politicians wouldn't allow them to run the banks effciently as the current demands for banks to give more loans and recapitalise testify.
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