The Chancellor will move to take control of the Royal Bank of Scotland today by injecting £20 billion of taxpayers’ money.
The Government is also expected to take over HBOS in the most dramatic extension of state ownership in the British economy since the war. The bank’s rescue takeover by Lloyds TSB appeared to be on the brink of collapse last night.
As governments around the world scramble to prevent the collapse of the global financial system, Alistair Darling will unveil plans for a £40 billion “recapitalisation” of the banking sector.
I’m going to need a chardonnay sugar scrub. You’re taking a bath but the AIG folks already took theirs– in white wine.
(Props to Eschaton for the first link.)