Defaulting banks - where will it stop?

[Jan Klimkowski]

The bankers are shamelessly rewriting their Five-Point-Plan-To-Save-The-Global-Economy to avoid any mark-to-market disclosure. The *.1s are the new version - 5 versus 5.1 is particularly risible:

The {Original} five-point plan Vs. The above:

1.0 Pledge to save key banks from collapse
1.1 Take decisive action using all available tools to support struggling financial institutions and prevent their failure.

2.0 Action to free-up credit and money markets by providing ample amounts of liquidity from central banks
2.1 Take all necessary steps to unfreeze credit and money markets.

3.0 Support for the part-nationalisation of banks and other institutions by the taxpayer purchase of shares
3.1 Ensure that banks can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.

4.0 Stronger deposit protection schemes to reassure savers their money is safe
4.1 Ensure that savers' deposit insurance and guarantee programs are robust so savers have confidence in the safety of their deposits.

5.0 Force banks to disclose the true state of their losses
5.1 Take action, where appropriate, to restart the mortgage securitisation markets.

Culled from here:
Original *.0
http://www.guardian.co.uk/business/2008/...baleconomy
New *.1
http://www.telegraph.co.uk/finance/finan...-plan.html