Why we need state backed banks

The state-backed lender inherited its ownership of the racing series in 2002 after the Kirch media empire fell apart, leaving the bank with a 47.2pc stake.

BayernLB. State backed bank.

In addition to the $44m payment to Mr Gribkowsky from Mr Ecclestone, it was also found that Mr Gribkowsky paid Mr Ecclestone an extra kickback worth $41.4m from the accounts of BayernLB.

We need state backed banks because of course they act in the interests of society at large, not just for money grubbing capitalists looking only at the short term.

2 thoughts on “Why we need state backed banks”

  1. So Much for Subtlety

    I am sure someone will be along in a minute to tell us the real problem is that we don’t have state-run Formula One races.

    And what a fun concept that would be! Think of the joys of Health and Safety alone.

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