EU Allows Govt To Break Up Banks

Government to break up the banks -

Lloyds, Royal Bank of Scotland and Northern Rock will be broken up and parts of their businesses sold off to create three new banks, it emerged last night...The European Union will today approve the split of Northern Rock into two sections, a "good", profitable, bank with no bad debt, and a "bad" bank. Ministers will begin exploring sale options at the start of next year when the split happens and a deal could be finalised before the general election. The remaining "bad" bank will remain in state hands for the time being although sales of "tranches" of the more risky mortgages it holds will be explored in the longer term.

Shouldn't this have happened right at the start, instead of keeping them going with taxpayers' cash?

Also good to know we'll be lumbered with the 'bad' bits of Northern Rock.

And good to know the EU will let us do all this. Thanks, chaps.

Why The Mirror Is A Shit Newspaper

Because like most British 'news'papers it either ignores or deliberately obscures the truth.

In this case, for instance: Tony Benn writing about post office closures without mentioning the EU elephant in the room (as covered in a previous post of mine); and Gordon Brown being portrayed as a hero 'warning off the moneylenders from repossessing homes'.

Many people are unaware that their homes may be at risk over relatively trivial amounts they owe on loans and cards - and not just if they miss mortgage repayments.

So says the magnanimous Mirror, failing to tell you, of course, that the legislation allowing this to happen (Tribunals, Courts and Enforcement Act 2007) went through parliament with the full knowledge and support of His Great Prime Ministerness Gordon Brown.

Odd, then, that he is now portrayed as being 'very concerned about financial firms demanding repossession orders to chase credit card debts.'

Under the laughable heading 'Analysis', John Husband in the same excremental journal agrees that the Great Unelected One is right.

What's interesting from a linguistic point of view is the use of the word 'moneylenders': makes it seem as if the perpetrators are a bunch of seedy, greedy, backstreet loan sharks. As opposed to a bunch of seedy, greedy, high street banks and credit card companies, who have just had their wallets filled with our cash for having screwed the world's financial system.