Simple, Really

The Government, reluctantly and under extreme pressure, is to hold an enquiry into what went wrong in the banks.

My prediction (indeed everyone’s prediction) is that they’ll spend a few million and come up with a load of generalised waffle.

I can save them that money (though they can send me some if it, if they wish). The paragraph below tells them everything they need to know.

Joe borrowed money to buy a car which he then wrote off in a crash. Though his asset is gone, he still has to repay the loan. Rich borrowed money to buy shares in Anglo Irish, which were then written off in a banking crash. His asset is gone, so he doesn’t have to repay the money.

That’s the banking culture in a nutshell. It’s better to be rich than an ordinary joe.

They’re welcome.

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