Monday, Feb 16, 2009
Nothing is ruled out
FT: Lloyds has top credit rating removed
Lloyds Banking Group suffered another blow on Monday when it lost its long-held Aaa credit rating from Moody’s amid continued worries about accelerating losses from HBOS.
Gordon Brown on Monday sought to damp speculation that Lloyds was set to come under majority public ownership. The prime minister’s spokesman stated: “While nothing is ruled out, no active consideration is being given to the nationalisation of Lloyds.”
Peter Mandelson, business secretary, will on Tuesday argue in a speech in New York that the government is caught in the “politically difficult but economically necessary” position of having to take time to get its handling of the banking crisis right, while facing demands for instant results.
Posted by gardeniadotnet @ 10:39 PM (817 views) Add Comment
9 Comments
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1. inflation is eating my savings said...
Do credit ratings still have a good rating?
2. sneaker said...
Has anyone else notice the savage irony of innumerate politicians castigating bankers, and now talking about taking time to get their handling of the banking crisis right? Last time I checked, Brown and Darling are historians, and the people they are fighting are not uncommonly mathematicians.
3. gardeniadotnet said...
@1
If we can't trust the ratings agencies, who can we trust?
4. gardeniadotnet said...
@2
And yet the mathematicians have collapsed civilisation. How queer!
5. happy mondays said...
Talk about queer, has anyone noticed that Alistair Darling doesn't blink! I think he maybe an Alien!
6. drewster said...
@1,
Agreed - why is anybody still listening to the ratings agencies? Their pronouncements on the market are almost as meaningless as stories from Assetz News.
7. Upwardmobile said...
The mathematicians are not to blame it was their innumerate bosses who forgot that economics is essentially unstudiable, except maybe up to "O" Level. You do not know the current state of the system. You do not understand the effect of the variables which affect the system. Hence you cannot predict the future.
8. P. Riddy said...
Note that Bullionvault uses Llyods TSB, boasting that its the best bank going.
9. inbreda said...
it probably is - but only through a distinct lack of competition