"And it'd be foolish to think the banks won't do it - they did it before with self-certified mortgages, 125% loan to value mortgages and subprime deals - it ended horribly and what was the pay-back? They got bailed out by the taxpayer. there's simply no risk being a banker, the government will always cover your losses."
Yes it does sound like the sort of situation the City of London would come up with some legal(ish) "financial instrument" to do *exactly* that.
However they're far to smart to get lumbered with the admin for this rubbish. thumbs down for a truly stupid idea.
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