Friday, 3 August 2012

John Leech - another socialist in liberal democrat clothing


The government's Faustian pact - a deal that still remains despite the financial train crash - with the banks has cost ordinary folk dear. Yet this so-called "liberal democrat" wants to make it even worse:

...although the taxpayers own 82% of the company, we do not have a rep on the board and cannot force the company to lend money to businesses and create jobs.

This man is an MP - elected to provide intelligent leadership - and he wants to "force" a bank that's lost £1.5 billion in a year to lend money it doesn't have to businesses. It seems the argument is that Vince Cable thinks this a good idea. And, of course, Vince is the man because he used to work in a big (oil) business so understands all this money stuff.

More to the point (and I don't know Mr Leech's background) our MP seems to have not the first idea about the duties and responsibilities of a company director. Generally speaking their first duty is to the company's interest. And right now this is to get the balance sheet fixed, pay off those bad debts and make RBS a viable business. Running the business into the ground by forcing it to make a load more bad loans on political direction is a daft idea.

Mind you, we could have let RBS go bust in the first place. That would have been a liberal response!


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