Aug 10 2011

A Debt Commision for the publicly owned Banks

Posted by: Nick Shaxson in: Thoughts

An interesting idea from Golem:

“Take one bank, just one will do, one mostly publicly owned and audit it for its debt. Audit it in public. A debt commission for a public bank. Brush aside the self interested splutterings about Commercial Confidentiality. We own the vast majority of it. We’re on the hook for its losses and have lost billion on it already. It’s our bank – we’ll audit it if we want to.

In the UK it would be RBS. In Germany it could be HRE (Hypo Real Estate) Every country has one. Set up a commission with representatives of NGOs and Unions as well as ‘experts’ just to make sure the banks don’t just get their KPMG pals to white wash the whole thing for their usual fee ( I have a nice little story about KPMG for you later). Do it in public and do it fast.

The argument against those who say it would be a disaster is the classic one, “If you have nothing to hide, then you have nothing to fear.”

A Debt Commision for the publicly owned Banks. Interesting one . . .

one comment

Frances Coppola 8th August, 2011 8.50 pm

Good idea, auditing RBS. I hate to think what we would find though – and I hate even more the fact that we, the taxpayers, are liable for it. That’s the problem when you nationalise a failing company. You end up owning its dodgy assets.

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