Monday, Nov. 03, 2008

Gordon Brown's Bank Rescue

By buying into troubled Royal Bank of Scotland and Halifax Bank of Scotland at the height of the credit panic on October, United Kingdom Prime Minister Gordon Brown, who prior to being PM was Chancellor of the Exchequer — the equivalent of Treasurer — was able to demand tough terms, one-up the then-still-dithering U.S. Treasury, and resurrect his floundering political prospects. That's what you call a bank shot.