British Banking System To Receive Unprecedented $100 Billion Bailout

Alistair Darling is preparing to announce an unprecedented £50bn bailout of Britain's banking system in an effort to save the housing market from collapse.

The Chancellor will tomorrow tell the Commons that the Bank of England is to allow lenders to swap their assets for Government backed bonds in a move intended to restore confidence.

In recent months the US sub-prime crisis had exposed British banks to enormous losses and, unsure which of their number is most at risk, they have sought to hoard cash reserves to protect their own positions.

Read the whole story here.

Comments

[RedWhiteandBrooklyn]

So, if they use the taxpayers money to bail these failed companies out, shouldn't the taxpayers take over ownership?

[FogBelter]

It's common sense that the American People through their Government take over industries critical to the Nation rather than leave them to be destroyed by id driven Businessmen.

[cplKlyde]

Privatize the profit, socialize the losses. Greenspan and Freidman must be crying tears of joy.

[esquire07]

Just a matter if time before the US sinks into the abyss of Depression. The Price for Iraq is coming due, and America will pay dearly for the Crimes of the Bush criminals.

RIP US Constituion.

[FogBelter]

I would argue of the US Constitution dies the United States will begin a process of Balkanization ... it's the US Constitution that binds us together as a Nation not "American Idol".

[Rule Of Law]

And I know a lot of folks put the Reconquista right up there with the North American Union, the Illuminati, and bigfoot, but you might have a point, and California and the Southwest would be prime for your scenario.

[FogBelter]

Pretty soon we are all going to need to wear gloves and be careful with our currency when we first receive it as not to smear the wet ink.

[zizyphus]

A thug on the street steals your wallet and goes to jail, while the bankers steal billions and then are rewarded with more billions. The CEOs of all these bad banks should be in jail. They knew what they were doing was illegal, but went ahead anyway, as they knew they would be bailed out, just like the Savings and Loans.

[FreedomCorpse]

business stupidity has been globalized.

[ErnestineBass]

Greed is a universal concept, FreedomCorpse.

[speakingtruth2power]

So where did all that lost money money go?

Into the pockets of the British banking elite?

I guess they have the same crooks we do!

BCCI only lost 12 Billion when they bailed.