|was a sham - an exercise designed to provide a public guarantee for private shareholders. The First Schedule, paragraph 8 of the 1946 Act made it clear that control of the Banks assets remained with the previous owners/executors. To whit:
"The Government stock issued in substitution for any Bank stock shall be held in the same rights and on the same trusts and subject to the same powers, privileges, provisions, charges, restraints and liabilities as those in, on or subject to which the Bank stock was held immediately before the appointed day, ..... ".
So we have a man who is committed to increasing the value of his secret (but most certainly billionaire) shareholders investments - telling British workers to stop moaning and use up their savings. All the while his bank has connived to pour trillions of tax-payer pounds into financial black holes through structured investment vehicles and other such off-balance sheet scams - to the benefit of these same secret shareholders and their billionaire chums.
Posted by Nicholas Moore 11:29:09 am