Reply #43: WikiLeaks cables: Mervyn King plotted banks bailout by four cash-rich nations [View All]

[Demeter]

http://www.guardian.co.uk/business/2010/dec/13/wikileaks-mervyn-king-bank-bailout

...The Bank of England governor, Mervyn King, was so concerned about the health of the world's banks in March 2008 that he plotted a secret bailout of the system using funds from cash-rich nations, according to a US embassy cable released by WikiLeaks.

Six months before the world financial crisis reached its peak, forcing taxpayers to rescue collapsing financial institutions, King told US officials in London that the UK, US, Switzerland and Japan could jointly enable a multibillion-pound cash injection into global banks, overriding the "dysfunctional" G7 nations.

The leak may allow King to claim that he – rather than Gordon Brown – was one of the brains behind the bailout of the banks, which took place in October 2008....

IT SURE DIDN'T MAKE SENSE THAT THE US DEVISED THIS PLOT...NOR THAT IT SUPPORTED IT...