 Re: Japan and $1.2 Trillion
Don't be stupid.
UK goes the US route giving the public a vested interest in the ownership of the banks in return for shoring up the finances.
U.K. to partially nationalize banks
Treasury chief Alistair Darling, above, unveils $87.5 billion plan.
updated 2 hours, 16 minutes ago
LONDON - The British government said Wednesday it would partly nationalize major banks, with taxpayers taking a share stake in a bid to shore up a financial sector that many investors feared could not survive the global turmoil without government help.
"This is not a time for conventional thinking or outdated dogma but for the fresh and innovative intervention that gets to the heart of the problem," Prime Minister Gordon Brown told a news conference.
A half hour before markets opened Wednesday, the Treasury said it would be investing up to 50 billion pounds ($87.5 billion) in exchange for preference shares in eight of the county's largest banks and building societies: Abbey National PLC, Barclays PLC, HBOS PLC, HSBC Bank PLC, Lloyds TSB Bank PLC, Nationwide Building Society, Royal Bank of Scotland and Standard Chartered Bank.
.....
Helping credit markets
The Treasury also said the Bank of England would be expanding its Special Liquidity Scheme to facilitate short-term borrowing and help to free up credit markets. Under the expansion, it will make at least 200 billion pounds ($350 billion) worth of three month loans available to the country's banks.
Little ol' England is investing $430 billion. Considering the difference in size and GNP, $700 B is peanuts compared to what others are doing. Germany has anted up $50 billion fot two banks so far.
Nationalization of the banking system is only temporary and at least the people have a chance to regain the tax cash invested. These banks will turn around.
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