Saturday, November 07, 2009

RBS- Taxpayers Bank or Not?

I don't get this. I'm no financial wizard. But the taxpayer has a majority holding in the Royal Bank of Scotland. Presumably, since I don't get asked, the government, in our name, takes care of the day-to-day issues. And presumably, since they gave them loads of our cash, they are keeping an eye on them?

And yet, I read 'Treasury seeks RBS lending proof'. The gist of the story seems to be that the RSB is claiming it cannot meet its lending target because businesses aren't asking for loans. So the treasury is asking RSB to prove this in the next four weeks, and to produce their loans terms and conditions to prove that they are not 'too harsh'.

So, we (for we, read the Government on our behalf) own this bank, yet we do not know how it is being run? We do not know the terms and conditions of the loans?

This shows gross neglect of duty by the treasury and by implication the government. It beggars belief that these things have not been scrutinised and modified if necessary. You just do not invest billions of pounds of your own money, never mind our money, without taking an active part in decision making.

Leaving it until now to ask for the information is ridiculous. We inject billions and leave the bank to their own devices, which created the problem in the first place.

At the same time I notice a government sponsored advertisement condemning benefits cheats as thieves. So you claim your £50+ jobseekers allowance and make a bit on the side, you're a criminal, fined and/or imprisoned and made to pay back the money. Squander somebody else's money to increase your bonus, walk away with a £multimillion, gold plated iron-clad pension and you can have a few billion more, but don't be naughty again.

Some things never change. The rich will stay rich, get richer and flaunt the law with impunity. The poor will stay poor, get poorer and flaunt the law at their peril.

It's the rich what gets the pleasure

It's the poor what gets the blame

It's the same the whole world over

Ain't it all a bloody shame?



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