Polly\’s just suggested today that Dickie Murphy, Willy Hurron and Larry Elliott should be made directors of the newly nationalised banks. They\’ll sort it out, no problem.
The banks had accumulated trillions of pounds of assets essentially built on "securitisation" – bundling up streams of income, insuring them, and selling them as securities to investors – whose value had been imperilled not only by the crisis in property markets but by recession generally.
Umm, if you\’ve sold the securities to investors then you don\’t actually have an asset, do you?
And this guy is being recommended as a bank director?