FT Calls Cable “Loony”

LibDem activists adore Cable, and are incensed whenever Guido knocks him. Which is frequent because Guido has been calling him over-rated ever since he called for the nationalisation of Northern Rock.

Vince Cable says this of the recapitalisation of Barclays:

This is a scandal of mammoth proportions. Here is a bank which relies on the taxpayer to bail it out if the going gets rough but which has offered Middle Eastern investors a much better deal than the banks are offering to the British taxpayer.

The FT doesn’t mince words – Vince Cable, Loony” :

But, Vince, the taxpayer hasn’t bailed out BARC, that’s the point. No matter:

We have to ask why Barclays is willing to offer a better deal to foreign investors than the British taxpayer… The answer is simple: they don’t want the British Government stopping them from paying massive bonuses to their executives.

So apparently the LibDem Treasury spokesperson would rather the UK taxpayer was taking the risk here. Odd, because not so long ago, Cable was thundering on about the unbearable burden the taxpayer was being forced to bear. More than the other banks, Barclays operate a high-risk casino operation which makes the bank particularly unstable but which gives very rich pickings to the top executives. The British Government must not simply let this pass.

You heard it: only the mediocre will do. Too bad they’re otherwise engaged in the LibDem Treasury team.

Guido has said it before; Vince Cable’s real expertise is in soundbites and faux gravitas.




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