Sunday, 12 October 2008

Nationalisation of the Banks

If Peston is to be believed (and I am non-committal on this), the government is about to take a large stake in our banks and has bullied at least one bank - Barclays - into making a larger request than the management wanted.

Anyone disagree with this paraphrasing from Atlas Shrugged:

"Why don't you take over my mills and be done with it", the banks asked, the minister reacted with "a jolt of genuine horror" and cries of "Oh no!", "We wouldn't think of it", and "We stand for free enterprise!"

And we are back to the 70's, at least the TV is better this time around.

2 comments:

Nick said...

perhaps a telling typo by me earlier today. I went to check my account and typed in "nameofbank".gov.uk instead of .co.uk.

Chris said...

He he, telling isn't it.

I am just glad Barclays is still free and this independent spirit may just be enough to restore confidence in the eyes of the market (a one day rise s not enough). It has certainly restored my confidence in the company.

I can't wait for the rights issue!