Taxpayers Lose £12.8Bn On Rbs And Lloyds In 2010

[pandora's box]

Taxpayers were nursing a £12.8bn loss on their stakes in the bailed-out Royal Bank of Scotland and Lloyds Banking Group at the end of 2010, dashing hopes that the government will be able to begin selling off its shares early in the new year.

Guardian link

[papag]

Taxpayers were nursing a £12.8bn loss on their stakes in the bailed-out Royal Bank of Scotland and Lloyds Banking Group at the end of 2010, dashing hopes that the government will be able to begin selling off its shares early in the new year.

Guardian link

Yep the government of the day really knew a bargain when they saw one

[interestrateripoff]

Don't worry I'm sure the VAT increase will cover the loss.

[R K]

I'm sure the criminals will find a way to steal a few £billion more in tax payer gifted 'bonuses'.

Got to keep feeding the banksters.

[MrFlibble]

Taxpayers were nursing a £12.8bn loss on their stakes in the bailed-out Royal Bank of Scotland and Lloyds Banking Group at the end of 2010, dashing hopes that the government will be able to begin selling off its shares early in the new year.

Swell, just swell...

[LuckyOne]

I'm sure the criminals will find a way to steal a few £billion more in tax payer gifted 'bonuses'.

Got to keep feeding the banksters.

The Labour Party's leveraged buyout of RBS and Lloyds was ill conceived, poorly executed and extremely bad value for taxpayers.

If they had an ounce of commercial sense, they would have forced the entire capital structure to take a hit so that taxpayers would have bought it for about zero rather than paying billions for something worth negative billions.

[Oliver Sutton]

Taxpayers were nursing a £12.8bn loss on their stakes in the bailed-out Royal Bank of Scotland and Lloyds Banking Group at the end of 2010, dashing hopes that the government will be able to begin selling off its shares early in the new year.

Guardian link

This can't be true.

I'm sure that I heard bankers and their apologists saying at the time the government would make a profit on these deals.

They couldn't have been lying, could they?

[pandora's box]

Bob Diamond becomes chief executive of Barclays tomorrow after more than a decade running the investment banking arm, Barclays Capital.

Another former investment banker, Stuart Gulliver, takes the helm of HSBC tomorrow as well ...

Just the sort of talent needed to instil confidence in the beleagured banking industry.

Innovative mortgage products, anyone?

[Mikhail Liebenstein]

Taxpayers were nursing a £12.8bn loss on their stakes in the bailed-out Royal Bank of Scotland and Lloyds Banking Group at the end of 2010, dashing hopes that the government will be able to begin selling off its shares early in the new year.

Guardian link

So in fact a secret subsidy to those banks in addition to all the other subsidies to the banks.

The thing I hate is not being able to offset something like my pension against my mortgage and instead being forced to use the banking vultures.. Right now I pay tax on the income I used to pay the mortgage whilst the mortgage accrues interest and the money in my pension incurs charges.

I could pay off my mortgage with my pension pot, but of course I am not allowed to do that. But I theory I could borrow from my pension fund (a pension investment of sorts) and then repay the debt to myself instead of the bank.

[porca misèria]

So in fact a secret subsidy to those banks in addition to all the other subsidies to the banks.

The thing I hate is not being able to offset something like my pension against my mortgage and instead being forced to use the banking vultures.. Right now I pay tax on the income I used to pay the mortgage whilst the mortgage accrues interest and the money in my pension incurs charges.

I could pay off my mortgage with my pension pot, but of course I am not allowed to do that. But I theory I could borrow from my pension fund (a pension investment of sorts) and then repay the debt to myself instead of the bank.

Have you looked at the new pension rules? They appear to permit borrowing from your pension.

I hope there *is* a catch, because if you can do what you're asking it adds fuel to HPI.

[EmmaRoid]

Maybe these banks will be "our pensions" and we're "in it for the long term". In the mean time we are neither interested in "yield" or "capital gains"

Is anyone really surprised by this news?

[Bloo Loo]

odd that, what with the stock market UP in 2010 cos in April 2010 we were £9bn UP with RBS

http://www.guardian.co.uk/business/2010/apr/26/lloyds-rbs-taxpayer-profit

so, up 9bn in April to 12.8bn LOSS in December....thats 21bn they lost in 8 months.

[Scott Sando]

Concorde sold from public to private £1. Millenium dome sold public to private £1. Rover bought for £10, bailed out by the public, asset stripped and then sold. Any guesses at what RBS will be sold for?

Edited January 1, 2011 by Scott Sando

[Guest spp]

Concorde sold from public to private £1. Millenium dome sold public to private £1. Rover bought for £10, bailed out by the public, asset stripped and then sold. Any guesses at what RBS will be sold for?

Wouldn't touch it with a barge pole!

Except none of us had a choice... :angry:

[Executive Sadman]

and thats in a good year for stocks. Gordon stitched us up good and proper. All of us, not just Lloyds shareholders.