A microcosm on Britains economic woes.

Sit back and relax-I want to tell you a story about a collapsed property "empire".Once upon a time there was a bank called the Bank of Scotland who lent huge wads of cash to property developers and to the burgeoning buy to let entrepreneurs.One such character was called Grant Bovey who at one time had the biggest buy to let business going called Imagine Homes.Well imagine what happened-it collapsed with fifty million pounds of debt.Grants wife -the television superstar Anthea Turner said its not about the money"its about saving face".Well it is about the money, since H BoS was given a cash injection by the taxpayer-you and me-are taking on twenty million pounds of Grants debts.
Weve hit gold said Anthea in 2003-actually iron pyrites Turner.The Bank of Scotland who funded this operation must have looked into the background of people like Bovey.This man had the ability to "bounce back" from failed businesses which collapsed.Yet this once proud bank has now disappeared thanks in part to unbelieveable stupid lending policies.
What can the shareholders of the (shrinking) banks do in the future to stop the scattergun lending policies of useless banks?What about banning loans to people with a bad business record?How can a man like Bovey get huge loans?Sadly this is now water (taxpayers cash) under a bridge since HBoS,has gone another sad case swallowed up by Lloyds.Will lessons be learnt-doubtful-come the next boom its business as usual-"who wants millions for buy to lets,no checks,no problem.