£325,000,000,000

[Galbally]

Do you know how much money that is? Thats 325 billion pounds, or about 20 percent of the entire GDP of the U.K.

Thats how much bad debt the British Government just bought off RBS. A failed bank that just announced the greatest Corporate Losses in British Financial History.

Guess how much it cost RBS to off load this £325 billion of debt onto HM Treasury, or as its better known the public's money?

It cost them £6.5 billion. Not bad if you drive a Jag and your name is on the door of a nice office in the city.

If every penny of those £325 billion of bad debts is lost RBS will lose

£19.5 Billion

The British Tax Payer will lose.......

£305.5 billion.

Wow, thats a nice deal for the bank.

That has to be one of the greatest single direct transfers of public wealth into private hands in history. It was done by a supposedly "socialist" (pay attention Americans) British Labour Government.

The CEO of the bank who ran up these debts announced today that he will not forgo his £600,000 a year pension as he is "legally entitled" to it. In other words on the day before the bank fell his board decided to award it to him.

So the entire population of the United Kingdom owes an extra £10,000 pounds each tonight on top of whatever ever other commitments the governments being making on their behalf, the bank remains a completely private organization free to make private profits off its customers, (and everyone else), meanwhile its gotten rid of all its bad debts onto the tax payer, its gets to keep all its good assets, and the man who destroyed the business gets a £16 million pension pot while car workers in Oxford are given an hours notice and sacked. Downturn lads, can't be helped, sorry for your troubles, how are the kids anyway? Bye bye. Period.

Wow, deregulated global Capitalism is just dandy ain't it?

Somethings going to give folks. Something has got to give.