Gordon Brown: Out of America, a lot of people were persuaded to buy mortgages, they couldn’t pay for them, nobody quite knew when they bought these mortgage products that they were totally worthless. They parcelled them up so you had thousands of mortgages, and some of our British banks made mistakes. They were spending hundreds of millions of pounds of their own customers’ money buying products that they thought was going to make them a big profit.
AS: But you must have seen that while you were Chancellor. Surely those alarm bells should have been ringing for you?
GB: Well, I am angry at the behaviour of banks because we did not know what was actually happening behind the scenes. We did not know that they were operating all these investment vehicles.
Forgive me Mr. Brown but try this simple question: Who was First Lord of the Treasury at this time and who should have made it his business to know what was going on?