Why not mutualise RBS?

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The FT has reported:

Despite lifting its shareholding in RBS to 70 per cent yesterday, the government is desperate to avoid nationalising another bank and saddling the Treasury with RBS's £2,000bn ($2,900bn) balance sheet and political responsibility for the bank's lending policy.

"We have a clear view that British banks are best managed and owned commercially and not by the government," Alistair Darling, chancellor of the exchequer, told the House of Commons.

Which is ludicrous. The market has failed. Now it is time for alternatives.

Has he ever thought about mutualising RBS? One account holder one vote? Why not? Let's create accountability - this is one way to do it.

Mutualisation had an extraordinary history of success until the madness of the 1990s destroyed so many of our mutual organisations. Why not go back to it?