LIKE many people in the UK, I am horrified at the position we find ourselves in reference to the so-called credit crunch.

Some immutable facts need to be examined about the disgraceful behaviour of the British banks.

The excuses we are given for this financial meltdown by the financial fraternity appear to be blaming the crisis firstly on the Americans, then the British public.

The spin and the brainwashing is in overdrive.

Let's just have a look at just some of the banks' excesses.

For many years we have been regaled by reports of some of the British banks employees with their £1million bonuses and expensive lifestyle.

The eight highest paid British hedge fund managers were paid £2.3billion between them last year.

The five leading British banks made a profit of £37billion.

Add all that up for the last 15 years.

All the clever highly paid men in suits who had the authority to restrain the British financial institutions, did nothing.

The sickening spectacle of those responsible walking away with billions of pounds of other people's money in bonuses has rightly put bankers on a par with Mafia racketeers.

In the eyes of the public, now the cupboard is empty.

They have bled the financial reservoir dry. We are in for a financial hammering.

Draconian regulatory measures by the Government need to be put into place to curb the power of the banks before we all end up in the workhouse.

EDDIE DUXBURY, Arthur Way, Blackburn.