Tuesday, November 18, 2008
The biggest bank heist ever!
BY PHILIP DELVES BROUGHTONFIRST POSTED NOVEMBER 6, 2008
With every passing day of economic woe, the scale of the heist just perpetrated against America's taxpayers by the country's largest banks becomes more apparent.
In the shadow of the presidential election, the nine biggest banks were given $125bn of taxpayer money with the understanding they would send this fresh capital coursing into the economy in the form of loans. It was a plan inspired by Gordon Brown's decision to recapitalise Britain's main banks.
Unfortunately, the US government forgot to get the lending requirement in writing. Instead, the banks are sitting on the money, earning interest and mulling mergers and acquisitions and replenishing bonus pools for their employees. Full Story.