The worst thing was the Labour back bench pretending they knew what was going on. Nine-tenths of them have less idea of what a subordinated loan is than I do. How could we tell? Oh, by the way they were sitting.
The way they laughed artificially at hostile questions. The way they barracked and jeered and behaved as though they were in private.
The Chancellor said a few things but I can't guide you as to their worth. How much a chancellor can properly say in the middle of a merger or acquisition is, as these people say, "outwith my suite of functional capabilities". And then you have to be able to gauge how much he is properly misleading us and how much is improper.
Is the Government's exposure a lot or a little? Will they get their money back? Hell, I'm really talking like them. I mean will they get our money back? Are they really in the hole for close to 40bn? Is there no agreed schedule of repayments? And how much of Northern Rock assets are pledged to other creditors? And if, as Darling says, they will help other banks in the same position, how much is the total undertaking going to cost? Is this hole a hundred billion quid deep? Darling said he'd bail out other banks if they needed it. Are we looking into an abyss?
Osbo only rose to the occasion half way through. He asked about the level of total exposure and pointed out that 13bn of the …