Saturday, Feb 27, 2010
Lloyds Liar Loans
The Times: Bewildering flights of fancy
British people and firms were defaulting, welching and plain embezzling on an industrial scale last year, it seems. The standout figure in the Lloyds Banking Group results yesterday was the £24,000 million of loans the bank judged it will never get back from customers.
Every second of every day in 2009, Lloyds was writing off another £760 as clients queued up to say they could not honour their debts. Even lending at Royal Bank of Scotland was souring at the rate of only £441 a second.
It’s jaw-dropping. You physically couldn’t destroy banknotes at the pace Lloyds was flushing money away. It points to earlier lending judgments of extraordinary recklessness or incompetence.
Posted by devo @ 11:01 PM (529 views) Add Comment
3 Comments
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1. novice pete said...
Organised crime. Well organised. Even if they foul up they just rob it all back from the savers.
2. paul said...
The new government will have to call time on these delboys. If they don't they will be a permanent millstone, influencing economic policy for years and years to come.
3. tenyearstogetmymoneyback said...
The later blog about Grant Bovey accounts for a few million.
You only need 10000 people like him to explain the whole lot.
The KLF pop group once burnt a million pounds as an art project.
Compared with this lot they were very unimaginative. Even Lord Simpson
at Marconi now seems quite mild (most of the money he wasted was GECs
as opposed to the banks).