2008 banking crisis showed that they’re all banking stooges. Banks go bust for their poor management. Public bales them out. Traders get enormous bonuses, although not on the level they screwed up. Some twenty years later, the last shares were sold to the market by the government on 30 May 2025.
Actually you could argue the 1991 ERM fiasco showed that they’re all banking Stooges.
The 2008 banking crisis was different IMHO. A banking collapse would have bankrupted millions of people in the UK. They then imposed rules requiring the banks to restructure to make sure customer banking is isolated from investment banking. The intent being to try to make sure they can be allowed to fail next time.
What Reeves is trying to stop happening now is exactly what those regulations were designed to allow happen. Financial institutions feel the consequences of their own actions.
Those rules were implemented in the crashes before 2008. The banks have the resources to get around them; they actually advise the government how to get their debt off-BS. You realise that’s a conflict of interest, right?
The whole idea behind the PFI is that the debt is not on the government BS.
deadcatbounce@reddthat.com 3 days ago
2008 banking crisis showed that they’re all banking stooges. Banks go bust for their poor management. Public bales them out. Traders get enormous bonuses, although not on the level they screwed up. Some twenty years later, the last shares were sold to the market by the government on 30 May 2025.
Actually you could argue the 1991 ERM fiasco showed that they’re all banking Stooges.
wewbull@feddit.uk 3 days ago
The 2008 banking crisis was different IMHO. A banking collapse would have bankrupted millions of people in the UK. They then imposed rules requiring the banks to restructure to make sure customer banking is isolated from investment banking. The intent being to try to make sure they can be allowed to fail next time.
What Reeves is trying to stop happening now is exactly what those regulations were designed to allow happen. Financial institutions feel the consequences of their own actions.
deadcatbounce@reddthat.com 3 days ago
Those rules were implemented in the crashes before 2008. The banks have the resources to get around them; they actually advise the government how to get their debt off-BS. You realise that’s a conflict of interest, right?
The whole idea behind the PFI is that the debt is not on the government BS.