Saturday, February 27, 2010

Lloyds Liar Loans

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 (1442 views)
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3 thoughts on “Lloyds Liar Loans

  • Organised crime. Well organised. Even if they foul up they just rob it all back from the savers.

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  • 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.

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  • tenyearstogetmymoneyback says:

    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).

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