Friday, Mar 06, 2009
Sneaking in on a Friday evening
BBC: Government £260bn Lloyds asset deal agreed
Lloyds Banking Group has agreed a deal with the Treasury that will see the government insure £260bn of the bank's loans, the BBC has learned.
Under the agreement, the government will increase its stake in Lloyds to around 60% from the current 43%.
Reports said Lloyds had been reluctant to give the government a majority stake.
Last week RBS announced it would use the asset protection scheme to ask the government to insure £325bn worth of so-called toxic assets.
Posted by little professor @ 11:20 PM (596 views) Add Comment
6 Comments
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1. paul said...
Excuse my bad language but where the fsck does the government think all this money coming from!?
Its beyond a joke. The government just keeps on shovelling our money in even though over a year after trying this strategy they know it doesn't work!
How do we stop them?! How do we tell them to stop scattering our money about whoever asks for some?!
2. crunchy said...
I guess the world is not as sane as you would like to think Paul.
You said- "The government just keeps on shovelling our money in even though over a year after trying this strategy they know it doesn't work!"
You should by now be able to work this riddle out.
3. crunchy said...
Clue, the next bubble is our future.
4. inflation is eating my savings said...
Crunchy- you will have to be more specific. Pretending richness of thought is very powerful, but if you cannot back that up when pushed, we have reason to be suspicious. I'm sure you have something very important to say-so say it? No offence, but saying the next bubble is our future is about as useful as the next bubble is round or the next bubble will pop.
Has anyone got a sensible idea how much the gov have spent so far?
5. crunchy said...
4. inflation is eating my savings said- Has anyone got a sensible idea how much the gov have spent so far?
As I have said we are now the asset. When this bubble crashes (and it will) it will be us that crash not the speculators.
Clear enough now?
6. crunchy said...
The Daily Telegraph: Retirement plans of millions of Britons at risk after Bank of England prints moneyIn a mere 24 hours the size of the pension deficits facing some of Britain’s biggest companies has jumped by around £100 billion to a record £390 billion - the equivalent of over £150,000 for every member of a final salary scheme. The increase is a direct result of the Bank’s announcement this week to create £150 billion and pour it directly into the financial system, experts said.
A little snippet.