U.K. Chancellor of the Exchequer George Osborne said British bank practices before 2008 resembled “Ponzi schemes,” contributing to the market crash.

6 comments on “U.K. Chancellor of the Exchequer George Osborne said British bank practices before 2008 resembled “Ponzi schemes,” contributing to the market crash.
  1. What-me-worry? says:

    Fred Goodwin as an example.

    AwardsDecember 2002 – Forbes (global edition) “Businessman of the Year”, which described him as an original thinker with a fast-forward frame of mind who had transformed RBS from a nonentity into a global name.
    2003 – 2006 – No.1 in Scotland on Sunday’s Power 100[26][33][34]
    December 2003 – “European Banker of the Year” in 2003
    June 2004 – Knighted in the Queen’s 2004 Birthday Honours list, for services to banking.[35]
    July 2008 – awarded an honorary fellowship by the London Business School[36]

  2. Ian james says:

    That’s good. The first step on the road to recovery is admitting the problem. i.e., the authority given to you by the electorate has been usurped by a bunch of drunks. Now grow some balls and do something about it. When they meet with you privately to discuss your comments, bring your goon squad and break their legs, for a start.

  3. jg says:

    “caused “by the mistakes of human beings,”
    - Aww diddums – poor bankers

    “The banks and those regulating them believed that the bubble would never stop growing, that markets were always self- correcting, that greed was always good”
    - Anyone who believed such bullshit was a f***ing idiot, who shouldn’t be allowed to run a hot dog stand, let alone a bank

    Now – where’s that guillotine…?

  4. Alf says:

    Yeah O.K… George, so why didn’t “YOU” speak-up about it back in 2008 when “YOU”were backing it 110%?…shitbag.

  5. mr horny says:

    Posted in comments recently on the Telegraph website:-

    “In this year before Christmas King Henry sent from Normandy to England and gave instructions that all the moneyers who were in England should be deprived of their members, namely the right hand of each and their testicles below: the reason for this was that anyone who had a pound found it would not buy a penn’orth in a market.
    Bishop Roger of Salisbury sent all over England, and commanded them all to assemble at Winchester by Christmas. When they came thither they were then taken one by one, and each deprived of the right hand and the testicles below.
    All this was done in the twelve days between Christmas and Epiphany, and was entirely justified because they had ruined the whole country by the magnitude of their fraud which they paid for to the full.”

  6. EdwinD says:

    You get that this is bullshit, right?

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