All those who say that a mutually owned banking system won´t produce crashes and insolvencies like a shareholder owned one.
The building society racked up more than £800 million of high-risk loans and assets at the height of the market, including £650million of commercial property, the value of which has since crashed.
Oh yes?
Then again I do remember someone from around these parts saying that “universal banks being large enough to absorb the losses.” No link. No name. One wouldn’t want to point. 😉
Tim adds: As, erm, Barclay´s and HSBC have indeed been?
I’m not sure how good Barclay’s position would have been if AIG hadn’t have been bailed out.