Monday, February 09, 2009

RBS should have been taken into protective administration and broken up.

I can understand that major banks can't be allowed to just close their doors and stop trading, even if depositors money is eventually returned under a guarantee scheme. A lot of companies who RBS provides banking facilities to, not to mention individuals, would suffer a cash flow heart attack under those circumstances.

However I think the option of protective administration was explored sufficiently. My guess is that the reason for that are political.

As an alternative every man woman and child ( and many children yet to be born ) will be paying for RBS long into the future.

I have the feeling of being robbed. Its a feeling that doesn't improve with RBS's plans to hose tax payers money on its staff, when many of those tax payers are lsoing their own jobs and savings as a result indirectly of that banks actions.

Also a bank under administration would not be paying bonuses, but handing out P45s, and flogging of profitable section of the business in an orderly way. In addition we would finally know they full depth of the whole that Labour's banker friends dug. Then confidence could return to the economy - or at least faith that a realistic picture now exists.

Instead we have what Labour needed to hang onto power for a few more grubby months.

PS Lib Dems notice the difference between Nationalisation and Administration. One has dumbed down civil servants ahving rings run around them and signing cheques with tax payers money, the other has profession foreseic aacountants going through the books with a fine tooth comb.

Also I find Gordon Browns crocodile tears over RBS bonuses sickening in the extreme. The man has no honour and must be removed from office as soon as possible.

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