Wednesday, February 20, 2008

UK hiding behind Goldman??

Andrew Hill opines in the Financial Times that Goldman has entered into "the line of fire" aimed at the British Government over its decision to nationalise Northern Rock's debts.
It used to be the case that the UK authorities’ own authority was such that they didn’t need to lean on a private-sector institution for support, at least in public.

Under the circumstances, the imprimatur of one of the dwindling band of global financial firms not to have found subprime bodies in its basement counts for more than that of the British establishment.

The investment bank doesn’t “do” politics.

But the truth is that when a G7 government asks for help, it is hard for a bulge-bracket bank to turn it down – almost irrespective of the consequences.

Doesn't "do" politics??!! Oh, puhleeze don't throw them in that briar patch. (For Brits and others, allude to Uncle Remus' tale of Brer Rabbit and the Briar Patch.)

He obviously hasn't read Goldie as political hedge fund.

(But then, not many other people have, either; Guambat only does this for his own amusement, which, obviously, doesn't require much.)


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