Thursday, November 06, 2008
The Biggest Bank Heist Ever
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.
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.
writes Philip Delves Broughton in today's First Post.
If you are an American taxpayer, (and I know that around 25% of this blog's readership is US-based), I'm afraid you've been the victims of what Delves Broughton rightly calls the biggest bank heist ever.
The biggest bank robbers don't wear stripey jerseys, black masks and carry bags marked 'Swag'; they wear suits and hobnob with the political elite.
Or, as Berthold Brecht so memorably put it: "What is robbing a bank compared to founding a bank?"