Bank rescues 'wrong thing to do'

Outspoken US investor Jim Rogers has told the BBC of his opposition to the global banking sector being rescued by governments last year.

While Mr Rogers said he did not "begrudge" banks now returning to large profits, he said many of the lenders should have been allowed to go bust.

His comments came as Goldman Sachs, which was given $10bn (£6bn) aid last year, is due to unveil a $2bn profit.

Mr Rogers made his fortune alongside well-known speculator George Soros.

'Allowed to fail'

Mr Rogers said he was "outraged that the US government bailed anyone out".

"All of those people should have gone bankrupt," he told BBC News.

"Isn't capitalism the system where people are allowed to fail?"

But now that the banks have had their state aid and are turning around their fortunes, Mr Rogers said the public should get behind them.

"Obviously there have been great opportunities for people who were quick and nimble [between March and June]," he said.

"I don't hold it against anyone who made money, I wish I had made more, we all do.

"These are difficult times, but some people take advantage of it, and make the world better for all of us. If nobody does that, we are not going to ever come out of this."

RELATED INTERNET LINKS
US Treasury
The BBC is not responsible for the content of external internet sites