Osborne admits UK Banks ran Ponzi Schemes

from LiberalConspiracy

I missed this key passage from George Osborne’s speech to Tory conference:

“The banks and those regulating them believed that the bubble would never stop growing, that markets were always self- correcting, that greed was always good, that their Ponzi schemes would never collapse, and that none of the debts would ever turn bad.
They let down their customers, they let down their shareholders, and they let down their country.”

Bizarrely, no one seems to have picked up on this. Ponzi schemes are of course fraudulent scams.

If Osborne believes the banks ran fraudulent schemes, why hasn’t anyone from the financial services sector been prosecuted?

Where is the plan to make the banks pay for the damage they caused to the economy?


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