Wednesday, 8 September 2010

Time to split Barclays in two

Barclay's appointment of Bob Diamond is a cogent reminder to the coalition that it's time to split the banks into a retail arm dealing with the nation's personal and business money transfers and balances, protected by the taxpayer, and a buccaneer arm that can risk its investors money any which way it likes but for which the taxpayer will pay not a single penny to save from failure. I suspect I know which arm Mr Diamond will stay with.

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