Thursday, Sep 18, 2008
What were they drinking? Has the hangover started yet?
Guardian: Lloyds TSB chairman struck HBOS deal with Brown at City drinks party
"The prime minister promised that the deal would not be investigated if the enlarged bank continued to provide funds to would-be homeowners" "Lloyds TSB has given the government a pledge that it will keep lending to first-time buyers, in return for assurances that its £12bn bid for HBOS, announced today, would escape the scrutiny of the competition authorities."
Posted by quiet guy @ 08:48 PM (528 views) Add Comment
4 Comments
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1. sold out said...
I have just heard on Sky News that todays events and the goverment brokered take-over of Hbos by Llyods described as Gordon Brown's "Finest Hour".
I nearly choked on my tea.
2. debtfree said...
the history of Lloyds goes back to 1765
Over the years, Lloyds Bank has expanded through a series of mergers, including the Wilts and Dorset Bank in 1914 and the Capital and Counties Bank in 1918. By 1923, Lloyds Bank had made some fifty take-overs, one of which was the last private firm to issue its own bank notes – Fox, Fowler and Co. of Wellington, Somerset.
Since then, it has taken the scalps of TSB, Abbey Life and Cheltenham & Gloucester....... it has now taken over the No.1 lender in the UK which writes down 1 in 5 mortgages. Not to be satsified with all this power, it has now created a bank holding of more than £1trillion of assets plus1/3 of all mortgages and current accounts in the UK.
And who said you can't dictate the housing market because its a FREE market...?
I just see it as another piece in the jigsaw for 'PRIVATE HOME OWNERSHIP - A THING OF THE PAST'
3. icarus said...
Sounds like a deal brokered by Don Corleone. "Don't worry about the cops and the judges".
4. icarus said...
debtfree - is that "writes 1 in 5 mortgages" or "writes down 1 in 5 mortgages" (or even "writes off...")?