Sir Howard Davies, chairman of the Royal Bank of Scotland (RBS), recently made an astonishing admission on BBC1’s Question Time when he stated that private finance initiatives (PFI) had been a “fraud on the people”. Beyond seemingly populist rhetoric, the real story of PFI reveals that RBS alongside other global banks, notably HSBC, were instrumental in what Sir Howard has effectively labelled a great heist.
— Read on www.independent.co.uk/news/long_reads/pfi-banks-barclays-hsbc-rbs-tony-blair-gordon-brown-carillion-capita-financial-crash-a8202661.html

Follow the money