Taxpayer to take £90bn of risky bank assets

So the government increases the tax on the poorest in society via the 10p debacle. Then allows lots of rich bankers to hive off up to £90bn of risky assets to the Treasury in return for gold plated Bank of England bills.

Well done Gay Gordo and Oh my Darling - a fantastic piece of fuck up.

So we bail out bankers who took ridiculously risky positions, who sold mortgages to a whole load of poor people they should never have touched, wrapped them all up in some asset securitisation, and made big book profits & bonuses.

Then it all goes tits up and we (i.e. the taxpayer) bails them out. Northern Rock was the best example of a fubar high risk business model - Alliance & Leicester and a host of other institutions have similar problems.

You couldn't make it up - and people are surprised when it appears that the banks are wrapping up low rated assets as collateral for the Treasury bills. For the banks its a no-brainer.