It’s painful to write this post – £325bn in toxic assets dumped on us taxpayers by the morons at RBS whilst they pay one of the men responsible for this horrific damage over £600k per annum as a pension. Really, it makes my eyes water! And what’s worse than the sheer injustice of it is that this is a damaging move for several reasons:
1. The market needs to find it’s new balance and putting in a ‘false’ supply of money will only deepen the trouble we’re in
2. If we had propped the banks up to a small extent then we should consider it a lost investment and walk away but now, with so much at stake we are probably committed to the bitter end
3. If bankers are not punished for their behaviour then they will do it again, safe in the knowledge that their actions have no repercussions for them
4. The preservation of these part nationalised banks is now a political imperative so they already know they are safe
Bankers must be grinning ear to ear.