Friday, 26 June 2009

Best Comment on £9.6million p.a. to run RBS

The ever reliable Blood and Treasure:

"It was probably wrong to say that various banks were nationalized over the past year. It would be more accurate to say that after working for the banks as a regulatory contractor for a number of years, the government agreed to be taken over directly by them in a deal funded by the taxpayer. The new financial-political entity is now free to divest itself as much as possible of loss making non-core functions like education and health, freeing up money to remunerate Mr Hester and his friends"


  1. Like it. I also like the Ann Pettifor-coined "bank-owned state" which I found courtesy of your "Places I Go When I'm Out"

    Next up: what we gonna do about it?

  2. Good question.

    Of all the things I've read whilst doing this blog the one that seems to me to provide the single most convincing answer to the 'what-to-do-about-the-banks' question is this: