Saturday, December 18, 2010

Treasures from the threads - Number fifty-five

To an article on the latest billion pound write-down of Irish debt by Lloyds bank in the Daily Telegraph, linked here, came the following:

Today 11:08 AM
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Yet more evidence of the unforgivable breach of their duties as directors by the then board of Lloyds TSB Bank plc. Formerly one of the highest dividend paying FTSE 100 srocks and a staple of UK pensions this company has failed its shareholders, its employees and its other stakeholders as a result of the egregious behavious of its directors. Surely there is scope for a private prosecution unde section 172 of the Companies Act 2006.

Gordon's crony Sir Victor Blank was asked to buy HBoS to save Gordon having to do so. This would have embarassed Gordon since all of the UK's problems would clearly have stemmed from two scottish banks, two scottish Prime Ministers and two scottish Chancellors of the Exchequer. Sir Victor's American CEO Eric Daniels and the bank's other directors both executive and non executive did not chose to follow their duty to promote the success of the company as required by law, despite the state of HB0S being no secret to any well informed person even at that time. Instead they chose follow Sir Victor into the Valley of Death. Death or Glory may have been an appropriate motto for the 17th Lancers but it has no place in Corporate Governance.

(Edited by author 1 hour ago)

For all this blog has had to say on the Lloyds Bank outrage enter Lloyds Hbos in the blog search bar, or just click on the same words on the label below!



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