NAO Reveals City’s Bumper Fees From Bailout
The National Audit Office has revealed that the total value of support provided to the banking system, including the purchase of shares by the public sector, together with offers of guarantees, insurance and loans to banks totalled £850bn. The NAO figures also showed that the government has spent £117bn bailing out the banks, £107m of which was spent on fees. Credit Suisse, Deutsche Bank, Citi, Goldman Sachs and Morgan Stanley were on the payrole for giving financial advice to the Treasury. …
The National Audit Office has revealed that the total value of support provided to the banking system, including the purchase of shares by the public sector, together with offers of guarantees, insurance and loans to banks totalled £850bn.
The NAO figures also showed that the government has spent £117bn bailing out the banks, £107m of which was spent on fees.
Credit Suisse, Deutsche Bank, Citi, Goldman Sachs and Morgan Stanley were on the payrole for giving financial advice to the Treasury. Law firm Slaughter and May is expected to receive a total of £32.9m for legal advice between September 2007 to next March. And another £32.6m was shared between accountancy firms PricewaterhouseCoopers, KPMG and BDO Stoy Harward.
Shares in Envy Mountain Plc, the UK Pitchfork manufacturer, were up nearly 27% in morning trading.
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