18 September 2010
If HBOS hadn't been rescued yesterday, the BSC would have stopped trading today. Every penny owned by the BSC is sitting in the banks owned by HBOS. 16 years of the BSC could have come to a shuddering halt. And all because of those clever men and women who thought it was clever to bundle debt into obscure packages and sell them to other men and women who thought it was clever to buy them. And clever banks who thought it was wonderfully clever to lend money to people who hadn't got a hope of paying it back if the housing market didn't keep rising by 20% a year.
It's good to know we're all in such safe and clever hands.
Yesterday felt like a very long day.
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