Friday, 27 February 2009

It's only money (8)

There’s a saying in journalism – “you couldn’t make it up.” In other words, fact truly is stranger than fiction. Nowhere has this been more true than with Labour’s alleged financial rescue package. It is weird enough that they did not bother to find out that RBS was going to use a slice of our money to give its former boss Sir Fred “the shredded” (sorry that should be “the shred”)Goodwin a pension of more than £13,000 a week, before they handed it over. (I’ll bet the growing army of jobseekers trying to claim their 60 quid wish they were treated with such insouciant generosity by Labour.)

Now because of this breathtaking negligence, the Prime Minister is reduced to degrading pleas to Sir Fred, who has made it quite clear that he does not see his leading role in destroying the bank as any impediment to picking up his loot.

But even more bizarre surely is Labour’s plan for the taxpayer to take £325 billion of worthless assets off RBS’s hands, which could cost each one of us £10,000. In return, RBS has promised to lend British people......£25 billion! Sorry am I missing something? Why doesn’t the government just lend us the £25 billion(maybe through our nationalised bank - Northern Rock) – in which case even if none of it was ever returned our loss as taxpayers would be only £800 each – and save us £300 billion by letting RBS keep its “assets”.

What is Labour’s fixation with banks? You would have thought the events of the last few months would have cured them. Beware, Gordon and co - the dustbin of history beckons ever more ominously for you.

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