Wednesday, December 3, 2008
Perfect end to a truly awful day for uk plc
A group of employees at stricken fund manager New Star Asset Management could pocket more than £10m in incentives as part of a rescue deal agreed yesterday with its banks. The taxpayer is on the hook for some of those payments, as the Government will be the ultimate owner of about one third of New Star. A syndicate of banks including HBOS and Lloyds TSB yesterday agreed to swap £240m of loans they have made to New Star for equity in the business, which will be de-listed from the stock market.