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Friday, 8 August 2008

Wet wet wet

So wet in fact the trains stopped running on my journey from London to Berwick last night and I was chucked off at Newcastle. No trains, no taxis. Had to stay the night!

Floods? In August, what kind of summer is this? And the forecast is for another wet weekend. Think its going to hammer my farmer friends, trying to harvest, the fields will be bottomless.

Still my colleague Iain Campbell won't mind he has a long weekend off to decorate his house. Think I'd rather be at work than do that!

The weather is about as bad as the losses being made by the big banks this last period. Will all the UK's banks survive this torrent of bad news and losses? It is not inconceivable that another Northern Rock is out there just struggling to keep its head above water. After the de facto nationalisation of Northern Rock here and Freddie Mac / Fannie Mae in the US, some may say banks are just too big to fail?

Oh really, so what do my clients have to do to be saved by the tax payer? If banks can be greedy profiligate and still get rescued, then why can't my clients? No, in their businesses the buck stops with the board and they take the blame for failure. The buck could include a lost job, lost home and personal bankruptcy.

Other than Adam Applegarth of Northern Rock, still not one senior director of a major UK bank has resigned or lost his job (as far as I am aware). They need not worry, if the bank fails they will have made a fortune anyway. Who knows they may even be rescued by you and me the taxpayer?

Strange times indeed.

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