In2EuroBanking…

I saw a different article somewhere other than the linked one that was more blatant in it’s position. The position being that Gordon Brown is on record for saying :

Brown said there would be “strings attached and conditions to be met” by the banks. “We expect to be rewarded for the support we provide.”

“Our stability and restructuring program is comprehensive, specific and breaks new ground,” Brown said. “This is not the American plan. Our plan is to buy shares in the banks themselves and therefore we will have a stake in the banks.”   [bold mine]

The more direct line I had previously seen was along the lines that the British taxpayer was going to make money on the deal.

Well I came across some stories today about Iceland and how badly screwed they are. The connection ? It appears many British Councils have money in the flopping and failing Icelandic banks. The British taxpayer is not only to be on the hook for Gordo’s “not like America’s bailout” bailout but they’re likely to face a reaming from the Council tax man.

Anyway there is a whole bunch of stories that will undoubtedly continue to roll out of the Old World regarding the banking crisis and I for one call upon my fellow Yanks to learn from them. Think about pension plans of the municipal ilk that are invested heavily and tied directly to bad banks and loans. Think about all the union credit unions who inevitably will be getting their begging plates out soon and who they support in elections.

Yessiree Yankee taxpayer. If you straightened up from the pork riddled bailout plan recently passed by Congress you need to assume the position ! and prepare for round 2.

Gordo Quote : IHT

Iceland stories w/ UK angle Daily Mail and BBC

Iceland piece about Iceland including 2 million IK car loans here