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Wednesday, January 14, 2009

Window Dressing

Mervyn Davies, the chairman of Standard Chartered, has been appointed Trade Promotion and Investment Minister under Lord Mandelson to help to turn around the banking sector.

Davies will step down from Standard Chartered and work for no pay, doubtless a gong will be in the offing if he succeeds.

The government is also offering £20BN of loan guarantees for banks to lend to small/medium sized businesses.

As to whether this is mere window dressing, remains a moot point.

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