by Jerome a Paris
Tue May 19th, 2009 at 03:38:16 AM EST
UK looks towards sale of bank stakes
Britain has begun taking soundings with sovereign wealth funds and other investors about selling stakes in its part-nationalised banks as it seeks to tap into a revival of stock market confidence in the financial sector
ôA lot of people around the world think once you get through the losses the earnings power of these banks will be formidable,ö said one person familiar with the situation.
Nothing has changed. It's only the confidence of the stock market, not of the public, that banks need to regain. It's still all about earnings for shareholders, even after they have been showered with trillions of taxpayer money. It's all about government butting out.
We're back to "normal" and nobody has learnt a damn thing - if anything, people will hate the burden of taxes left by this crisis - and thus failing governments (for not preventing it, for rolling over when it happened, for spending "recklessly" to save us) - even more.