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Taxpayer may get £500bn liability

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posted on Feb, 23 2009 @ 05:14 PM
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Taxpayer may get £500bn liability


news.bbc.co.uk

Taxpayers may become liable for £500bn worth of bad loans and investments made by Royal Bank of Scotland and Lloyds Banking Group, the BBC has learned.

It would be part of the government's Asset Protection Scheme, under which taxpayers insure banks against future losses from such assets.

RBS has a Thursday deadline to agree terms, while Lloyds has until Friday.

The idea is to draw a line under bad assets to free up cash that the banks can lend to companies and individuals.

BBC business editor Robert Peston says that if the deal is completed it will take the total support by British taxpayers to the banks to £1.3tn.
(visit the link for the full news article)


Related News Links:
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posted on Feb, 23 2009 @ 05:14 PM
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Oh my... How much?

1.3 trillion.. I can't even imagine that amount.

Yet it is us, the taxpayer, who may be ultimately responsible....

Surely this puts the words of Sir Ken Macdonald into a greater perspective.
(See thread here, www.abovetopsecret.com...&flagit=439731 )

How the heck can they insure it if it is the equivalent of the entire annual output of the UK?

It just boggles the mind..

But i guess it all boils down to Modern Money Mechanics,
www.abovetopsecret.com...
At least we can see how they work... and understand the entire scam itself.. but just what can we do about it?

I'm sure mant are going to be angered again by this..

It is utterly insane in my opinion.

Someone, somewhere is digging the public a very large hole for which we will all fall into and those who dont will be the banks. We will become that which they deisre, total and immediate slaves.

news.bbc.co.uk
(visit the link for the full news article)



posted on Feb, 23 2009 @ 05:27 PM
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I love the terms they use:
Bad Assets - if it's bad then it's not a bloody asset is it!

So we, the taxpayers, get shackled with the "bad assets" while the good stuff that may still be worth something and profitable is kept by the bank. Hey! What a deal the government is doing for us.
The bank execs keep their high positions and high salaries and, I'm surem some sort of bonus scheme under a different name, while we get higher taxes to underwrite their debts caused through negligence and basically gambling.

Sure would be nice if we could all get a piece of that action!



posted on Feb, 23 2009 @ 06:10 PM
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reply to post by Extralien
 


it just gets better everyday

the asses could have given every single household 1million each
and it would have been a better investment then giving it to the banks run by what seems to be ****** morons.



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