Saturday 7 March 2009

Jonah Brown strikes down Lloyds Bank

LLoyd's banking Group has today announced that it has finally agreed a deal with the government for it to access the Asset insurance programme.

This deal was supposed to be agreed last week and the share price had ticked up in expectation of this to 75p. When no deal was forthcoming the share price nearly halved. As the week dragged on, the share dropped and dropped with only a small rally Friday.

Reports in the City suggest that Eric Daniel's was speaking at a charity event last Monday and was reduced to tears in a speech (clearly due to stress, not the text he was reading). So much pressure has he felt.

For this Lloyd's deal was cooked up last year by Victor Blank, the Chairman and Gordon Brown. In the end it has not achieved its aim of keeping HBOS off the Government balance sheet. Nor has it been good for LLoyd's whose shares have collapsed to RBS type levels.

As a result, the only honourable solution is for both Blank and Brown to resign. Eric Daniels', one of the few good bankers, should be allowed to try and turn the new nationalised LLoyd's around. If he wants too. I don't think the bookies are going to give long odds on either the Chairman or CEO of Lloyd's being in place in 2010.


Demetrius said...

Oh, how many times have seen what happens when a functioning company or organisation is forced to take on or merge with one that is either bust or broken? Especially if politicians and civil servants are involved. It is the story of British Economic History for too many years. How much of our industry and commerce has gone down the drain for these reasons?

Anonymous said...

It's one thing to take over a small outfit - as if Lloyds had taken over Northern Rock, or the way that Santender picked up Alliance and Leicester - it's quite another to take over a big outfit that's in bad trouble. If the problem was that the big banks had got Too Big To Fail, then you should be splitting them up, not pasting them together. Bah - stupid recklessness.

Sen. C.R.O'Blene said...

And all the time, incompetent politicians like Ed Balls (who was primarily instrumental in this debacle), just fly around like farts in a colander.

How can Nu-Labyrinthe spin-meisters get a handle on what to say next while the objects of their 'adversity' are actually spinning downhill themselves?

Unsworth said...

Amen to that! The destruction of a perfectly good bank, sacrificed on the altar of Brown's (and Blank's) immense hubris.

banned said...

I'm just a poor old taxpaying worker drone but it seemed obvious at the time that Lloyds takeoever of HBOS was really stupid unless the Govt. had given them some secret bribe ( obviously not ).
What excuses do all the clever money men have, or are they hiding their very own Fred ?

Mitch said...

Perhaps in future banks are not allowed to grow so large that their failure threatens the country or they are told from the start that there will be no bail out,they will be allowed to fail and the board held financially responsible.the risk must reflect the rewards.

CityUnslicker said...

grand comments all those.

in particular:

who is LLoyds Frd - Sir Vicotr Blan, personal fellow traveller of G. Brown. He will have to wait for the Tories for his comeuppence.

As for too big to fail. This urely is the elephant in the room. We now have less banks which are more unstable. When we needed more banks that were more stable!

AntiCitizenOne said...

When I say

"Socialism is the belief that you can cure bad apples by putting them in good barrels".

I was talking about their approach to "law and order", It seems it also covers economic policy.

Electro-Kevin said...

Why did Victor Blank agree to it ?

CityUnslicker said...

EK - Him and Brown are very close friends, that is why.

Anonymous said...

Daniels really should have resigned rather than go along with this cack-handed plan. also, why did shareholders go along with this? what a sorry sorry mess.

re what demetrius said; too right! look at british-leyland. don't these fools learn from past mistakes? why must these people be so rigid in their thinking?

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