Of course Guarantees were provided, for various reasons and effect. It is all there in black and white but I know some posters can't get past headlines like "bail out"!! The semantics used in relation to the term bail out is because some posters are trying to insinuate the government pumped billions of free money into the banks at the tax payers expense. Clearly this is disingenuous and avoids any discussion on the practicalities of what (had to) happen - avoiding major economic problems rather than "bailing out" any particular bank right at the top. I have no issue with the term bail out, go for your life, just use it in it's true context and that guarantees were common around the world for economic reasons. (The collapse of capital markets is the major threat to banks all around the world which will obviously then affect all economic activity) Our banks can be (rightly) criticised for a lot of things but the nonsense about what happened during the US lead GFC is not one of them.
WBC Price at posting:
$22.20 Sentiment: None Disclosure: Held
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