Wednesday, December 15, 2010

Bank of England Boss Mervyn King, not Gordon Brown, 'Was Bank Bailout Mastermind'

Mervyn King plotted a secret bailout of the banking system six months before Gordon Brown decided to take action.

The Bank of England governor told U.S. officials in March 2008 that ‘a co-ordinated effort to possibly recapitalise the global banking system’ was needed to save it from collapse, according to documents released by WikiLeaks.

Mr Brown did not come up with his master plan to tackle the financial crisis until September 2008 following the collapse of U.S. investment bank Lehman Brothers.

The delay raises a major question over his claims that he was the brains behind the bailout and had ‘saved the world’.'


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