Back from the Brink by Darling Alistair

Author:Darling, Alistair [Darling, Alistair]
Language: eng
Format: mobi
Publisher: Atlantic
Published: 2011-09-06T16:00:00+00:00

There were no late-night dramas this time. I was in the Treasury before 6 a.m. on the Monday morning. As I sat in my room, waiting for the market press notices to be finalized, as yet again the lawyers demonstrated their uncanny ability to discover problems previously unthought of, I sat down to sign the documentation that effectively transferred the world’s largest bank into public ownership. There was page after page of it, which Gordon and I signed, as Her Majesty’s Lords of the Treasury. This was a dramatic moment.

Sitting there, in the silence of my room, looking out over St James’s Park before dawn broke, I reflected on how much some of my Labour predecessors would have loved to have done this. The last thing I wanted was to nationalize this bank, bringing with it all the problems that it entailed. As it was, we were bringing to an end a conflagration that threatened to bring down the world’s banking system. The media round, a couple of hours later, was largely successful; there seemed now to be a grudging acceptance that we had pulled it off. There should have been a sense of achievement and relief, but there wasn’t. The economy was in jeopardy. I knew it. And the rest of the world was about to wake up to how bad things were.

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