… and now we see Merrill Lynch in the same trouble, so perhaps they could answer the same question we put to Citigroup.
Meanwhile, here in the UK, we are told that every household in the country is going to have to stump up Stlg 2,000 to prop up another spectacular failure of strategy, this time at Northern Rock – a bank whose breath-taking brilliance took them to a leading position in the mortgage market.
Again, what makes me especially angry is less the losses suffered by investors who know the risks than the awful hurt done to the bank’s customers and employees – ordinary folk who did nothing to sign up to this damage. So, same question again – who are the people whose strategic errors did this harm to those people, and will they kindly return all the money they were paid in at least partial recompense for the damage they have done to ordinary people?
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