Warnings for Brown on his Lloyds Destruction

Brown leaked it via Robert Peston of the BBC on 17th September 2008 linked here. On 18th September among many other criticisms this blog stated, (linked here): If the problem is mistrust by bankers of one another, absorbtion of one bank by another will surely merely shift the target of others mistrust.... On 13th October, I blogged twice on the topic (here and here), among my comments were the following: Of course one cannot really say that a deal is continuing when the price has been re-negotiated downwards by 27 per cent but the join-up of the banks seems to be continuing condemning LLoyds not only to nationalisation but almost certain death! +++++ The only other bank presently involved seems to be Lloyds TSB which was perfectly viable before they became entwined in the machinations of the demented Gordon Brown - now presumably the Lloyds shareholders are to be punished/sacrificed for having doubts on the originally hastily cobbled together deal. British taxpayers can neither afford nor pay for this deal which does not direct a single penny towards the source of the problem - the exploded house price bubble...... Things just get stranger and stranger - Where is the Parliamentary Opposition? On 20th October under the heading "Battle for Britain's Banks" (linked here) my post included these thoughts: Last week the Marx inspired British Government declared war on Britain's Banks.... Lloyds and HBOS issues look set to become a side-show this week, although it is disturbing to see Legal and General recommend the merger, Lloyds shareholders should make their own calculations, large finance companies may easily be swayed by their holdings in HBOS when casting their votes a shareholders of Lloyds! The taxpayers can merely look on in horror and trust that all these deals may yet collapse before a single penny of the billions of taxpayers funds pledged, which can never be realistically raised let alone repaid, are actually legally committed let alone begun to be transferred. (Link on latest borrowing added at 11:30 am, here). On 22nd November was this afterthought to a post linked here: Worrying for annuity holders with Legal and General (such as myself) which insurer supported the HBOS takeover and yesterday approved the dilution of their Barclay's equity value - have they really thought all this through? On 13th December (link here) I despaired: The Guardian reports the meeting where the castrated shareholders of HBOS went along with those of Lloyds in agreeing the merger of the two banks which the mazed mainstream media insist on predicting will be a "Superbank" but in fact will result in years of debts for Britain's bankrupt mainly non-voting electorate and the nation's future taxpaying generation. Starting the New Year of 2009 on Monday January 5th (link here) I blogged:

HBOS Pensioners fear for the future

The insane merger of Lloyds with HBOS forced through by the increasingly demented British Prime Minister has hit another snag as HBOS Final Salary Pension Scheme Trustees go to Court a week from today to obtain some guarantees for their future, report here. Thus on the proper first working day of the New Year one of the PM's many demented projects, dubbed by his media apologists as a "Super Bank" we see the shares in the companies involved plunging even below their levels of last year. AND SO IT CONTINUED WITH 5 MORE BLOGS IN JANUARY AND 7 IN FEBRUARY ON AND ON AND ON UNTIL TODAY'S LONG PREDICTED NEWS.