Celebrity yachtsman hit by banking collapse

TV comic and classic boat sailor Griff Rhys Jones has revealed how his savings were lost when Lehman Brothers bank collapsed. In a candid essay, the author, tells how a ‘big sum of money’ of his simply disappeared when Lehman lost £2.5 billion.

‘These people were making a lot of money but, not content with lending, they worked out a way of making more than was feasible…they created money that didn’t really exist by inventing “lending inflation”. They took genuine money, turned it into stocks, inflated the value of the stocks then used that to “leverage” false money which they lent into a fantasy market (the price of houses) at impossible future returns, the profits of which they banked as bonuses before anything had actually matured.’

The Governmet want to penalise savers by dropping interest rates to nothing and, as unemployment soars, encourage people to take out mortgages at five times their annual salary hoping this will ‘reinflate the gigantic bubble’ he tells The Times.

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