Not a good start for the banking sector in the market this week.. as of a quarter past 9 this morning, the FTSE is down some 42 points, mainly due to losses in bank shares..
It would seem that we're heading.. perhaps unwillingly.. towards more and more government ownership of 'private sector' concerns.. With this latest input of taxpayer funds, the government now owns some 77% of Lloyds/HBOS..
An utterly ridiculous situation.. there is simply no chance the Banks now supported by the public will be able to return the cash they've been given..
And is raises the question.. how much of this money will simply disappear into the financial 'black hole'.. leaving the taxpayer stilll wondering what, if any good, has been done?
Take Lloyds/HBOS.. If you happen to have an overdraft, and you exceed it by, lets say, £45 for a week. Bank charges will be leveed against you to the tune of £35 for the initial 'unplanned overdraft', plus £10 a day to a maximum of $100 per month..
Yet we own these institutions..
It's exceedingly doubtfull the man on the street would take such a whack out of his disposable income for a debt, which can be as little as £5..
Yet our banks feel no compunction..
It's daylight robbery, and it's a practice the banks should be brought to task for..
not to mention the Government regulators..
More to come..