Is it not time to call the overdraft in on the the big four banks and for RBS and HBOS to be given thirty days in which to repay their overdraft before sending in the administrators before breaking up these Behemoths?
The government largesse poured into their coffers by a panicking Gordon Brown and the Party of the people has disappeared into a black hole. Operation Merlin has failed to keep the flow of credit going to SME’s some of whom are now gamely turning to pawnbrokers according to the BBC last night. The dire ‘One Show’ showed plucky brits trading in cars and watches to raise meagre amounts of development and expansion money. The tenor of the programme was jokey and light hearted and reminded me of government advice to dive under a table if somebody dropped an A bomb at the end of the street.
Perhaps calling it ‘Operation Merlin’ was a mistake to start with as an American ‘Operation Merlin‘ was also a misconceived disaster.
There are a host of new market entrants that are more deserving of government credit lines to keep the SME’s who actually create employment expanding.
The Big Four are holed below the water line some fail to produce cash at cashpoints and the Barclays farago is just the start.
There is no magic bullet that is going to save the dinosaurs of banking only one that is going to put them and us out of our misery.
(By the way has anybody thought to confiscate Bob Diamond’s passport)