[mattyb]

Unfortunate name for a politician but anyway.

Bank bailout: Alistair Darling unveils £500billion rescue package

What surprises me is that some of the banks mentioned are ones that are buying up some of the heavily indebted banks.

[Andrew Stephens]

Unfortunate looks too.



Still I'm glad my money is going to good use. I particularly liked the letter my bank sent me this morning.

"Dear Mr Stephens

First let me, on behalf of all the staff at Barclloyds Bank say thank you for your generous support of the bank in this time of crisis. All the staff, from the call centre operatives in India to the chairman on his new yacht in Cannes fully appreciate what you are doing for the bank in allowing us to use all your money to keep the gravy train rolling along.

On a separate and unrelated note we notice that your account is currently £5 overdrawn, in contravention of our terms and conditions. Unfortunately we will be applying a £25 charge to cover administration plus a further £30 charge for notifying you of tis.

Once again thank you for all your support in what is a trying time (for most of us, by which I mean you)."

[Eug]

Again, the money loss for the UK people might not be quite as bad as just giving 500 billion pounds away. For example, they're actually trading mortgage backed securities for treasury bonds. There is still some inherent value in those mortgage backed securities, even if you don't see any of that money for 4 years or whatever.