Another week, another bank bailout. Gordon Brown and Alistair Darling claimed that they had come up with a clever idea when they got Lloyds TSB to take over HBOS.
It turned out that what they did was bring together two sets of enormous debts and made one even bigger debt.
But the debt hole refused to get smaller, so Darling threw some more money into it – guaranteeing some £260 billion.
Despite now owning over 70 percent of the bank, we get little control of it. In fact we have less control of Lloyds than we did a week ago after the bankers and the government did a deal on the shares last weekend.
Where’s the justice in that?
A new report shows how racist scapegoating influences national opinion
Investors fear that it's unsustainable
Plus: Our take on Andrew Mountbatten-Windsor still being granted a royal funeral
