Dubai World – British Banks Building Castles In The Sand

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I’m reading with some astonishment an article by the BBC’s Robert Preston about the 40% involvement of British banks in the £22bn debacle of Dubai World.

Robert lets us all know that there is nothing to worry about, since the banks in question could easily “absorb” these loses, pointing to the fact that they have raised much more before from the Treasury’s Asset Protection Scheme – taxpayers money and guarantees to you and me.

It is somewhat shocking to see how parts of the British media establishment not only fail to lambast the banks and government for it’s failing and stupidity, no now the media seems to play down the seriousness of these development. We are talking about £8.8bn being lost and potentially having to be footed by the British taxpayer and Peter things we should not worry?

Nobody is going to get sacked over this mess and I guess the bonus payments to our favorite bankers are all on track too. We wouldn’t want to upset the geniuses who helped to build the “castles in the sand”.

While small business suffers at the hand of banks and governments, these banks are being protected to the n-th degree, with our money and our future. It’s time we – the tax payers – let some of these banks have a basic lesson in business reality, let them go bust.

The governments reckless behavior with our tax-money needs to be stopped and the established media needs to wake up and do their job properly.

Robert, you need to come out of your little world and see what is happening to real businesses run by the people who pay your wages. – ST.

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