Vince’s Naivety on Nationalisation

Vince Cable is with some justice blaming almost everyone for the Northern Rock disaster:

“Taxpayers have every reason to be angry: with the private-sector managers and directors who behaved appallingly and have never been brought to book; the company auditors who passed last year’s accounts without spotting the big holes in the company books; the regulators (the FSA) who also gave the Northern Rock a clean bill of health; and the government, which was at best naive and at worst dishonest when it claimed to have secured the government’s loans.”

What about the naive politicians Vince, who welcomed the nationalisation, without having done any due diligence on behalf of the taxpayers?

Why didn’t Vince ask the key question, what are the taxpayers billions in loans secured against?

UPDATE : LibDem Voice is rushing to the defence of old twinkle toes. Essentially saying nationalisation was the least bad option. Well that is a question of judgement. Guido does not think expropriation is the solution to anything in any circumstances except perhaps war. The best solution would have been to wind-up Northern Rock, which is what Guido said at the time and Redwood told Cable in the debate.


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