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| That was probably the same reason that the UK banks were bailed out by the UK government (Tax payers) otherwise the City of London would have lost its credibility totally. | |
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Most leading financial centers (UK, US, DE, FR, JP, NL) bailed out their banks. It was not only to ensure credibility. It was thought cheaper to rescue the banks then bear the cost of the collateral damage in business and individual bankruptcies, foreclosures, unemployment, etc.
I am a Swiss taxpayer. I resent the tax penalty and outraged at tax-money paying bankers bonuses. Yet no apparent viable alternative to bailout ....