It's a nightmare. The regime is seizing banks, using predatory powers it has awarded itself, under the guise of recapitalising them and 'saving' the country from a financial meltdown.
A financial meltdown may or may not come anyway and it is certainly not within the control of government, but the incorporation of most of the United Kingdom's banks into the state is a major blow to democracy and giant step in the installation of authoritarian rule.
The Telegraph reports that Brown 'became increasingly frustrated as banks refused to take up last week’s offer of Government investment, decided to act after being told the full scale of the banks’ difficulties...
Royal Bank of Scotland has been ordered to accept up to £20 billion of investment, making the Government the majority shareholder...
The Financial Services Authority is understood to have put pressure on the banks, forcing some of them to take more money from the bail-out plan than they needed.
Under the new plan, the state will take a combination of preference and ordinary shares and is likely to appoint members to the boards of RBS and HBOS.
Trading in bank shares may be suspended this week 'to give investors a chance to digest the plans'.
We are watching the world in black and white again.
Student website compiling course syllabi: legal?
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