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  They cannot win, accused one minute of lending too freely and the next of being too strict!
  
  The main problem, Howard, were not their lending policies as such, though in some cases they did leave a lot to be desired, but more the manner in which they expanded their operations particularly into America. RBS in particular went on a spending spree buying up some small American banks and inherited their bad debts, some of which originated with a policy of Clinton's that opened up lending to people who previously could not borrow. OK, that is an over simplification and there are a whole range of other factors with the way toxic debt was packaged and incorrectly rated etc some of which was criminal activity in the USA, at least one person was imprisoned for it.
  
  The other thing to remember though was that the regulatory changes made by Brown reduced the level of scrutiny over their business expansion activities that would otherwise have been hindered or even prevented by the BoE. Incidentally, Brown also went on to urge the banks to go out and do that kind of thing in a famous, or rather infamous speech at the Mansion House.

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