What the bankers told Brown at breakfast
I have a very bad feeling Gordo's given away the store. Again.
The word is that the Bank of England is about to do what R5's finance popsy just referred to as a swapsy. Which means they will swap nice clean gilt-edge government bonds for a great steaming wodge of the banks' dodgy mortgages: the very stuff the banks don't want themselves.
We haven't yet seen the details, such as how much of a "haircut" the banks will be made to take. But for taxpayers it doesn't look good.
How do we know? Both Barclays and HBOS shares have gapped up today by nearly 7%.
PS There really are some ace vids on YouTube. How else would items such as the above get an airing?