The Natwest nightmare
June 26, 2012
So, the government bails out a bank that sailed too close to the wind with their wild investment arms flailing about enthusiastically until it all went wrong. And Stephen Hester goes in to save the day and even though the bank continues to make losses there is “progress”. Huge bonuses attract much media attention.
Are cost cutting and mismanagement behind their IT systems failure? It is easy to blame it on cheaper outsourced employees.
It is a illustrative example of how wrong footed and illogical austerity is as a solution to the economic problems caused by the banks deregulated enthusiasm for gambling assets. Deconstruct society by making education out of reach and watch the corrosion at the margins eat away at your assumed wealth.