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British banks get £37 billion bail-out

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We all own a little piece of the pie now. This morning, the UK government confirmed it would pump £37 billion into the banking system to prevent it from melting down. Royal Bank of Scotland, Lloyds TSB and HBOS are going to receive taxpayers' money to keep them afloat.

Negotiations were held throughout the weekend, and then the Treasury announced the unprecedented rescue plan which includes a crackdown on crackdown on pay and bonuses for bank bosses, and a freeze on shareholder dividends.

Alistair Darling cited "extraordinary circumstances" affecting markets worldwide as reason enough for the plan.

abbym0308

7 responses // British banks get £37 billion bail-out

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    And whilst they're at it - Should all banks be nationalised?

    Mr_Costello
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    This is ridiculous - as a tax payer I (and you) are now having to pay for bankers' shocking ineptitude, while they keep their massive salaries! I'm sick of this country.

    LindseyIndigo
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    http://video.google.com/videoplay?docid=-90504743625...

    I think it's a catastrophe, we need to come up with a more creative solution than to bail out these banks.

    There's no pie to have a piece of, what we actually have is a piece of debt, our own debt.

    This video, if you'll excuse it's hollywood production value, is a good explainer for how bankers got us into this mess.

    phillyharper
  •  

    that's almost 100 billion dollars, damn it.

    the thing is, are dollar is less and what we have a BIGGER deficit. what does say about america?

    thenumbertoo
  •  

    I really like those Royal bank of Scotland commercials.

    nobamagirl
  •  

    well, with my share of the banks, I'd like to open a little offshore account...wait, we're not going to get anything back are we...

    dirtyemowords
  •  

    We all need to save our money, tear up our credit cards, Live Within Our Means. Or Chow Yuk will be our national food.

    nobamagirl

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