DURING the American banking crisis someone came up with the crazy idea of bunching mortgages together in groups and expecting lenders to take a broad spread bet on what was in each package.
Banking became just gambling.
What is worse, it appears our British bankers were swindled yet again by the Americans who collected all the bad debts in certain bundles which, surprise, surprise, ended up in British hands.
So not only was it sheer gambling, the casino table was rigged.
This was the latest in a long line of instances the Americans have swindled the British.
Midland Bank, NatWest and the TSB were all swindled out of their money by Americans.
We have an identical scandal once a decade on average and the bankers never learn.
What happened to the money in this latest scandal?
Who ended up with it?
What exactly has this Government and this Chancellor done to recover any of it?
How many houses and how much land in the US do British publicly-owned banks now possess?
This fiasco cost every British man, woman and child thousands initially and much, much more since.
What are the publicly-owned banks doing to recover any of this money or property?
Where are the houses or land I own in the US?
Nigel F Boddy,