This will have some rapid consequences: the brightest and best of the bankers won't go anywhere near state-owned banks and thus they will either wither and die or they will move heaven and earth to get away from government support so that they can continue as before.
Then something came up that made me think I had been wrong:
So what if there really is a market for “executive talent”? Deliberately limiting pay at those companies (part) owned by the taxpayers ain’t gonna do all that much good, is it?
But then I discovered I was wrong about being wrong:
Lloyds Banking Group is to pay the Treasury a fee of £2.5bn for escaping the Government's toxic asset insurance scheme, Sky sources say.
And actually, upon re-reading Timmy's article, I was really right all along. So fucking blow me.