Friday, February 13, 2009

Lloyds TSB - for the journey - into oblivion?

Gordon Brown and Alistair Darling must be turning in their 'political' graves. Oh, no, they are not quite dead yet are they? Silly me. Wishful thinking.

I am sure you know what I'm getting at, don't you? But here's a thing - “Prime Minister Gordon Brown said bank shares bought by the British government as part of his rescue packages will ultimately make money for the taxpayer. ’I believe over time that the value of these shares will rise,’ Brown told a panel of lawmakers today.”

When did he say this? Last year? Last month? Last week?

No! It was yesterday, Thursday 12th February 2009. And today we are told that HBOS (that's the old Halifax Building Society and the Bank of Scotland for my older readers) and which is now part of the Lloyds TSB group, will make a loss of at least £10 billion.

So much for the judgement of the man who was once described as the most successful Chancellor of the Exchequer for 250 years! How can we ever trust his judgement on anything ever again?


subrosa said...

Ted, great post. You've just missed my Subrosa's Super Seven - I published it about 5 minutes ago! This would have been a worthy addition.

Surely this man can't struggle on for another 2 years.

Ted Foan said...

Can you roll it over to next week?

Cato said...

The problem is Ted that Brown has no concept of reality. He lives in his own little world. God forbid he ever has to think about pushing the button!!