Tuesday, September 30, 2008

With apologies to William Mcgonagall

Profuse apologies to the world's best worst poet.

Twas in the year of 2008 in the month of September
Which the bankers of the world will long remember
For they did not act, as one would to a brother
In refusing to extend credit, one to another

For fail it did, the Bradford and Bingley
And we began to fear the banks would not go singlely
And collapse like a great house of cards
Or shatter like a mirror into millions of shards

Citigroup bought out the failing Wachovia
But that was not the last emergency takeover
The Halifax Bank of Scotland it had to be rescued
And the passage of the bailout plan by the US congress badly miscued

The Germans paid 35 billion Euros to Hypos Real Estate
And Glitnir was nationalised by the Icelandic State
Fortis of Benelux met, partially, with the same fate
All with little time for debate

This should never have happened according to some
Taxpayers will be paying for years to come
We must better regulate the banks, if only we are able
And next time we must listen to Vince Cable

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