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Secret £165Bn Loan Keeping Lloyds Alive


shedfish
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apparently, according to this article, the hole in HBOS makes RBS look solid

LLOYDS BANKING GROUP is being kept afloat with £165 billion of loans and guarantees from the Bank of England and other central banks around the world, The Sunday Times can reveal.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6907889.ece

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For the best part of 10 years the halifax house price index has been a reflection of how an out of control bank lent recklessly into the housing market.

If you designed a bridge that collapsed you would be on professional negligence charges.

Those charges (or similar) should be applied to those responsible for banking oversight and regulation and overall financial stability of the country. If they are not forthcoming nobody else should be held responsible for their actions, there is absolutely no excuse for one sector and its operators / oversees to be allowed to hold the rest of the economy (and everybody who works in it) with absolute and total contempt.

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i haven't seen Howard Brown 'singing' at a fish on TV for quite a while, for some reason

will this actually change anything? people seem to have become numb to the numbers. perhaps that's why they're called numbers...

i have no money to worry about... but i do have a couple of grand in there that i owe the Revenue. if Lloyds go down, then i'll happily leave it to the government and the Tax Nazis to pick the bones out of it all

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I have no money to worry about... but i do have a couple of grand in there that i owe the Revenue. if Lloyds go down, then i'll happily leave it to the government and the Tax Nazis to pick the bones out of it all

It doesn't work like that.

You still owe the tx, you just won't have any cash to pay it!

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It doesn't work like that.

You still owe the tx, you just won't have any cash to pay it!

Which shows the UK governments AAA rating for the crap that it is.

Governments are assumed to be better ratings than other sorts of institution because they can extort resources - but that's only the case if the resources are there to extort.

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Guest BoomBoomCrash

Doesn't surprise me really. If there was some flim-flam retailer with a hopelessly unviable long-term business plan and it had just borrowed a couple of hundred million you could almost guarantee the lender was Kaupthing or HBOS.

I assume you stock both flim and flam?

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The Lloyds document also reveals the bank faces a £3.7 billion pension deficit. It is transferring £5 billion of assets to fill the hole.

A rather nice pension hole as well.

All I can say is thank god Preston hasn't broke this otherwise there would be a bank run on Monday. I'm surprised someone isn't threatening to sue Brown / Daniels etc... over this.

HBoS was a huge turd.

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A rather nice pension hole as well.

All I can say is thank god Preston hasn't broke this otherwise there would be a bank run on Monday. I'm surprised someone isn't threatening to sue Brown / Daniels etc... over this.

HBoS was a huge turd.

This is fraud.

HBOS have been a fraud for a long time.

The regulators, govt, central bank have been complicit in that fraud too.

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This is fraud.

HBOS have been a fraud for a long time.

The regulators, govt, central bank have been complicit in that fraud too.

Utterly, utterly mind blowing.

Remember -- HBOS - with "Sir" James Crosby in charge - were handing out Liar Loans like confetti..... It's all there in Michael Robinson's prescient undercover investigation of 2003 - details below in my signature.

Coming home to roost...... House Price Bubble = the Worlds Greatest Fraud/Pyramid/Ponzi Scam of all Time....

And no one is in jail.

INCREDIBLE. Just INCREDIBLE.

Edited by eric pebble
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It doesn't work like that.

You still owe the tx, you just won't have any cash to pay it!

i've entrusted my tax to Lloyds, a government organisation. in due course, the Revenue will be along to take it, and give it to, among others, the entity that i entrusted it to. if, between them, they have lost the money i have saved in order to pay my dues like a good Tax ******, then that is not my fault. they've already had my money and lost it

having to pay for this larceny once is bad enough... twice, not going to happen

bl00dy hell, seriously contemplating moving my account now - how inconvenient

the thing that really gets up my nose* about this whole mess is the face the banks pull when it's suggested they should 'put some by'. only a small point, but shouldn't they have done that as a matter of course, being a bank...

*actually, there's lots more, but this one especially

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The whole HBOS loan book needs going through, to find the links between the loans made and any party political associations / donations made by either those receiving the loans or the receipt of money on the basis of the loans being made.

Same goes for the other bailed out banks.

Dennis Stevenson

Chairman, HBOS

The merger of the Bank of Scotland with Halifax seven years ago catapulted the 63-year-old, who had been chairman of the former building society for only two years, into the chairman's role at one of the UK's largest retail banks. The fact that the government has become involved in the HBOS debacle will hold little fear as the left-leaning peer, who once described himself as an "unreconstructed 1960s Guardian-reading liberal", has strong political connections and has been a Labour donor. He is also head of the commission which chooses independent members of the reformed House of Lords, and a lifelong friend of Peter Mandelson.

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The Lloyds document also reveals the bank faces a £3.7 billion pension deficit. It is transferring £5 billion of assets to fill the hole.

Umm....So the taxpayer is supporting the massive shortfall in assets and £5bn of that shortfall is being diverted into their pension scheme?

Is Eric Daniels about to retire? :unsure:

RBS and HBOS should have been shut down, staff made redundant/re-employed by solvent/new banks and assets and liabilities liquidated.

This is the biggest theft ever in the history of the country, possibly the world.

Makes Madoff look like a penny chew pilferer from the local newsagent.

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Umm....So the taxpayer is supporting the massive shortfall in assets and £5bn of that shortfall is being diverted into their pension scheme?

Is Eric Daniels about to retire? :unsure:

RBS and HBOS should have been shut down, staff made redundant/re-employed by solvent/new banks and assets and liabilities liquidated.

This is the biggest theft ever in the history of the country, possibly the world.

Makes Madoff look like a penny chew pilferer from the local newsagent.

yes, if this breaks tomorrow and proves to have substance and consequence, i can't help wondering who the sideshow show trial will be

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....

This is the biggest theft ever in the history of the country, possibly the world.

Makes Madoff look like a penny chew pilferer from the local newsagent.

Its not a theft its a fraud. The Thatcher government stole but no-one noticed as we could afford it, for example the privatisation of TSB (now part of Lloyds TSB HBOS) was seen by many as theft (it belonged to the depositors but the government took the money from the privatisation).

Governments can and do make the laws and so can technically change them to suit their needs.

What worries me is what "sharp practice" (for want of a non legal phrase to avoid argument :D) will be needed to clear up the mess? Neither of the two political parties likely to win can be trusted and the financial sector even less so.

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Its not a theft its a fraud. The Thatcher government stole but no-one noticed as we could afford it, for example the privatisation of TSB (now part of Lloyds TSB HBOS) was seen by many as theft (it belonged to the depositors but the government took the money from the privatisation).

I would disagree we couldn't afford it but no one noticed because north sea oil covered it all up.

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