He seems unaware of the law though.
4. Nationalization, expropriation or requisitioning shall be based on grounds or reasons of public utility, security or the national interest which are recognized as overriding purely individual or private interests, both domestic and foreign. In such cases the owner shall be paid appropriate compensation, in accordance with the rules in force in the State taking such measures in the exercise of its sovereignty and in accordance with international law. In any case where the question of compensation gives rise to a controversy, the national jurisdiction of the State taking such measures shall be exhausted. However, upon agreement by sovereign States and other parties concerned, settlement of the dispute should be made through arbitration or international adjudication.
That\’s the UN.
General Assembly resolution 1803 (XVII) of 14 December 1962, \”Permanent sovereignty over natural resources\”
Yup, we can nationalise the banks any time we want. All we\’ve got to do is pay for them.
£20 billion for Barclays, £92 billion for HSBC, £32 billion for Standard Chartered, do we buy all or part of Santander for £32 billion, all or part of Deutsche for £22 billion…..shit, this is getting expensive pretty fast, isn\’t it? And there\’s some 450 banking licences in the City of London…..
And yes, we have always paid when we\’ve nationalised something. If they were bust when we nationalised them then not a lot, obviously, but if they weren\’t then we\’ve coughed up full market value.
Just imagine, Ritchie is insisting that you should pay for Bob Diamond\’s share options to both vest and pay out at full value.