The Wrong Shadow Chancellor 3
December 29, 2008 by Ken
Filed under Westminster
John Redwood MP » RBS – now we will be paying for the government’s rushed folly
When the government first started briefing that it was thinking of buying stakes in several major banks I urged them to carry out due diligence, to ensure the assets they were buying were realistically valued. Why on earth, I asked, should taxpayers have to take the hit after they bought in? Surely any sensible person buying into such banks would demand write offs before putting in so much money?I was told the government was in a hurry and would not therefore do what any commercial purchaser would do.
