Chancellor Alistair Darling has revealed that he plans to sell off Government owned Banks to the private sector, he says to promote competition. I say to deep line a few more pockets and ease an ex-Chancellors way into the City!
On the release of the pisspoor Banking White Paper earlier today Chancellor 'eyebrows' Darling said: "We intend to return our stakes in the banks to the private sector and we will use the proceeds to reduce consumer debt." In reality it won't be that much so the taxpayer will be out of pocket.
Darling also suggested that the woefully inept FSA will report every year on how financial Institutions (moneypits)are complying with the new Remuneration Code of Practice.
As the FSA staffed by second- jobber graduate numpties, is up against mega-earning career bankers, you can see how level this particular playing field is.....
To add to the ever growing list of Quangos how about : The Council for Financial Stability, to be formed further draining taxpayer resources essentially a club which will throw together the Bank of England, the FSA and the Treasury. A recipe to do nothing.
Commenting on the size of banks, Eyebrows Darling said restrictions would be too "simplistic".
"Small banks too can threaten stability", he commented.