January 20, 2009
New bank bailout plan
Story link: New bank bailout plan
So, you cannot get a loan for a small business without a highly detailed business plan and of course, without specifying the exact amount required.
On the other hand, if you are the Government, you can just walk over and take what ever cash you need when you please?
The Treasury has formally announced a scheme to allow banks to exchange cash or shares for a Government guarantee on their “toxic” debts, transferring any losses they suffer from the banks to the taxpayer.
However, the Chancellor admitted he can’t estimate how much taxpayers’ money will needed in the latest bailout.
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