The Register
"Last week, Chancellor George Osborne announced a new body that would make loans and issue debt. In a harkback to the 1970s, poorly performing and deeply unprofitable businesses will be the beneficiaries – and investors in them will be rewarded for their poor judgement. So much for moral hazard. ......The body bailing out the basket-cases is a "Green Investment Bank", and the remit was written largely by a group of bankers themselves, called the Green Investment Bank Commission. Led by Bob Wigley, formerly head of Merrill Lynch's European investment side, the Commission included executives of Goldman Sachs, Citibank, and management consultancies Logica and the Oliver Wyman Group. The Commission reported last June, and saw an ambitious role for the new quango:"
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George Osborne's New Eco-Bullingdon Club (Telegraph)
"What I seriously doubt though, is whether anyone could think of a worse way of spending £3 billion, than on the grotesque and pointless quango that is the Green Investment Bank headed by Bob Wigley.
The point to note about the Green Investment Bank is that it is based on one massive lie, promulgated by everyone from David Cameron to Chris Huhne to Greg Barker to every other two-bit chancer who wants to get on the Coalition, viz: that green investments and green jobs are the future. "
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