Bailed out banks should be run for benefit of people

Liberal Democrat Shadow Chancellor, Vince Cable MP, has called on banks bailed out by the taxpayer to be run for the benefit of the people.

Speaking at the party's recent Spring Conference, he attacked the way Labour had for the past decade cuddled up to rich financiers.

Vince accused Gordon Brown of making a "pact with the devil", turning "a blind eye to massive salaries and bumper bonuses, the large scale use of tax havens and tax dodging and dangerous high risk activities of some investment banks".