The ferries are protected by a Royal Charter and it would need an act of parliament to end the service.

BBC: Mersey Ferries to be reviewed over ?1m yearly losses

Imagine this brand freed from the restraints of Royal Charter, able to fundraise and fling itself into the market, to act as ruthlessly commercially as anyone else.

BBC: End of the news romantics

"The Federal Reserve should exercise its authority under the Home Ownership and Equity Protection Act and the FTC Act to prohibit these abusive practices and products for all mortgage market participants, regardless of what kind of charter they have, " said Dodd in his opening statement.

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