Minister admits “mismanagement” of banks

Minister admits "mismanagement" of banks


In the most shocking statement since the Office of National Statistics announced we were actually in a recession last week, City minister Lord Myners said yesterday that “there has been mismanagement of our banks.”

Attacking the controversial bonus culture of the City, Lord Myners spoke of the need for “fundamental changes in the way the banks operate,” before announcing that “the golden days of huge bonuses in the investment banking arms are gone.” 


It would seem that the official news that we are now in a recession has given ministers incentive to find a new scapegoat for the current crisis. After months of laying the blame with America’s banks, our own are coming under fire, as the Government tries to deflect attention away from themselves.


Various economists are weighing in with their gloomy views, Crispin Odey, a hedge fund manager and short seller of banks, said Britain was “bankrupt” and Jim Rogers, who has been described as a maverick investor, warned others to sell sterling, saying: “I would not put any money in the UK.”


Meanwhile, in an ICM survey 64% of people said that Gordon Brown’s efforts to pull Britain out of the recession will either do nothing, or exacerbate the situation.

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