Oh well done Ritchie!

He does have a habit of just throwing everything including the kitchen sink into his arguments, doesn’t he?

RBS is to begin its return to the private sector. Way back in October 2008 I suggested it should be fully nationalised instead. I stick to that view.

Well, OK, it’s an idiot view but, one of the justifications is:

What is more, if they had been done so many of the massive mis-selling and other abuse issues that still hang around the neck of RBS (and so the government) would not have happened.

PPI started in 1990 and ended in 2010. The interest rate swaps would actually have been just fine if it hadn’t been for the collapse of interest rates in 2008. All of the stories and compensation come from contracts entered into before that date.

So, quite how RBS being nationalised in 2008 would have meant that these things wouldn’t have happened I’m not sure.

Unless he’s just insinuating that a nationalised bank wouldn’t have to answer for these things, being able to tell customers to just fuck off?

8 thoughts on “Oh well done Ritchie!”

  1. You forget, nationalisation is the Panacea of our age. Why let boards and shareholders run companies when you can ask those sage, wise and commercially savvy civil servants do it instead…

  2. they are now only taxed in the UK on the income they have arising in this country.

    Is this even true? I thought you were still taxed on monies repatriated in to the UK from foreign income (minus, of course, any taxes paid locally if we have a dual-taxation treaty.)

  3. Why let boards and shareholders run companies when you can ask those sage, wise and commercially savvy civil servants do it instead…

    Companies? Why the plural? Better to do away with the inefficiencies of capitalism and have just one company, which will by definition be more cost effective than its private sector forebear because it doesn’t need to make a profit.

    Gde kniga zhalob?

  4. Tim

    That is exactly how the nationalised industries worked! He hasn’t got an original thought in his brain…..

  5. Ah yes, nationalised industry. Luckily most were done for before my time. However even a cursory glance shows that while they may have been nice places to work, they weren’t terribly effective or efficient at providing products or services.

  6. His only experience of working in government is limited to being Chairman of Governors at a school.

    He seems eerily reluctant to get a public sector job. I wonder if deep down he knows illusions would be shattered.

    Apart from anything, I think he dreams of being welcomed by public sector workers as some kind of saviour. But with his short temper and pompous manner, he wouldn’t fit in.

  7. Unless he’s just insinuating that a nationalised bank wouldn’t have to answer for these things, being able to tell customers to just fuck off?

    Basically. For this type of person that is a *feature*, not a bug.

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