posted on Oct, 13 2011 @ 06:17 AM
From the source.
"Three years on from the bailouts and – instead of the profits expected – market meltdown and bank regulation mean the taxpayer is sitting on a
£32bn paper loss." The Guardian.
"When taxpayers bailed out Lloyds Banking Group – which was two separate banks Lloyds TSB and HBOS at the time – and Royal Bank of Scotland and
the expectation was that the government stake would have begun to be sold off by now. And at a profit.
Instead, three years later, the taxpayer is nursing a loss of close to £32bn on stakes originally worth more than £60bn."
As a taxpayer in the UK I'd be damn angry that the Government didn't bail out the Bank - it bailed out the investors by propping up the share price -
and has now lost a fortune.
I wonder how those whose pensions are being cut, or public service jobs lost, or services reduced feel knowing that the shareholders at that time were
By the taxpayer.
The poorest are paying for the mistakes of the investors. Let the banks fail.
When Governments are doing this, its time for them to go.
Time to take my money out before the shareholders want that too.
A huge loss and even this story is buried away in the blogs of the paper.
Best the public doesn't know why we have austerity measures.
I'm not from the UK, but so many Governments have this Mantra about saving the Banks, here in Australia they are so far in debt they will bankrupt the
country when property prices collapse.
Thank God at least Iceland had the guts to do the right thing.
edit on 13-10-2011 by Colbomoose because: To make it clear I'm not from the