(Source: Sunday Mail; Glasgow (UK))
GORDON BROWN yesterday admitted taxpayers had "no choice" but to
stump up to save troubled banks.
The PM claimed only a new deal with the banks could ensure
taxpayers never again have to step in to save markets.
He called for a new global contract to be hammered out with the
financial institutions.
And he added: "I believe we should discuss whether we need a
better economic and social contract to reflect the global
responsibilities of financial institutions to society.
"This is a unique sector that, when it fails, imposes such a high
cost to the wider economy and damage to society that government
intervention becomes essential. The taxpayer had no real choice but
to step in to keep the system afloat.
"It cannot be acceptable that the benefits of success in this
sector are reaped by the few but the costs of failure are borne by
all of us."
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