"First things first: if Lloyds TSB's takeover of HBOS were to collapse, HBOS itself would collapse and we'd all be staring into the abyss.
Halifax and Lloyds TSB signsSo that's not going to happen.
The deal has been agreed by both boards.
It's being backed with legislative help by the government.
The prime minister has staked his career on this rescue takeover.
It's going to happen."
And just a week or so earlier Robert Peston had written:
"UPDATE 10:32AM: I am hearing that this deal has been negotiated at a very high pay grade level, with the Prime Minister, Gordon Brown, talking to Sir Victor Blank, chairman of Lloyds TSB, about how helpful it would be if Sir Victor could bring himself to end the uncertainty hanging over HBOS by buying it."
Draw your own conclusions as to the level of Gordon Brown's involvement in this deal.
1 comment:
The trouble with our Gordon is that his hands are so mucky with the shit he has caused this country but he keeps sticking his hands in for more.
He's gone passed his elbows and is now up to his shoulders in the stuff. The man is simply too dangerous. As chancellor he shafted this country long before the recession. Now he is doing his level best to screw it all up again and again and again.
No one has yet explained to me what would happen if we just let one of these foreign-credited debt behemoths collapse. Savings would be protected. Shareholders already have nowt to be proud of and mortgages would transfer in big bundles of debt. The obvious losers would be the workforce but most of those would find alternative employment because someone has to adminster all those savers/mortgage accounts that are sold on to other or new banks.
We keep being told the banks are the engine room of the economy... well this engine is well and truly knackered. It needs wholesale replacement.
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