The end of banking

Further to my post on Friday, the banking system looks like being on the verge of collapse. News that the Treasury are to work non-stop over the weekend on a solution to the latest banking crisis does not inspire much confidence in me. The thought that they are being directed by Gordon Brown, Alistair Darling, Shriti Vadera and Peter Mandelson makes me feel sick with fear; that gruesome foursome seem will screw this up just as they have virtually everything else for the past 11 years.

More on this when I get a leak...

In the meantime, just one question, the BBC are reporting that:

"The prime minister has demanded that banks admit how many "toxic assets" they have on their balance sheets.

Gordon Brown told the Financial Times the banks had to "come clean" about these bad debts so people could trust them again. "

Does that mean that previously Gordon Brown attempted to shore up the banks with a £37bn recapitalisation scheme without having a proper look at their books? Was that sensible? Was that prudent? Should he be held responsible? Will the BBC cover this angle? What do you think?