Link: BBC NEWS | Business | Treasury to nationalise B&B bank.
It doesn't seem that long ago that institutions such as Bradford and Bingley and Northern Rock were Building Societies, Mutuals, owned by their savers and borrowers. The rapacious City Boys saw opportunities to make big profits and proposed takeovers, with sweeteners of almost several hundred pounds for members, who proceeded to benefit from the lowering of savings rates and raising of borrowing rates (relative to base rate)...um, maybe not benefit.
And now look...
It gives me no pleasure to observe that Capitalism and the Free Market seem not to have an effing vindaloo...
