In this revision video we look at arguments for and against bailing-out the banking system during a financial crisis. The UK government under Chancellor Alistair Darling and Prime Minister Gordon Brown took the decision to launch a multi-billion-pound bail out of the financial system during the Global Financial Crisis which reached a peak in the Autumn of 2008 with the bankruptcy of Lehman Bros in the United States. Four major commercial banks were given a financial life-line although not every bank required one, for example Barclays (later to become mired in controversies of its own). Royal Bank of Scotland (government acquired 84%) – still retains around 60% Lloyds Banking Group (government acquired 43%) – all shares now sold Northern Rock (100% nationalised) – sold to Virgin Money (2012) Bradford and Bingley (100% nationalised - 2010, Bradford & Bingley was renamed Santander UK Total spend on UK bank bail outs estimated at £137 billion, net spend is around £23 bill...
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)