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1

Nevsky;,

Moscow 02/07/2009 23:12:05
Eric Daniels was practically 'forced' to takeover HBOS by Brown.

If Daniels goes..Brown has to follow!

2

Allan(handofgod137),

03/07/2009 00:33:33
Brown scr*w*d the entire countries economy, and he's still in a job!
3

Wolf of Badenoch,

03/07/2009 00:42:35
Looks like the EU might end up forcing Lloyds to divest the Bank Of Scotland in any case, so no doubt all Scottish patriots will enthusiastically back the possibility of a Scottish company emerging from the ashes of this fiasco. Westminster will be very unhappy that they can't just waive EU rules and regulations like they did with their own anti-competition rules that they ignored to force through this abortion of a deal. Similarly they will need to play fair and follow full protocol rather than choosing favourites as happened with the funding rescue plan where Lloyds could partake of it but HBOS for some reason was not permitted to.

Westminster loves having the power to control and manipulate to their own end, will be nice to see the EU given some of their own medicine and hopefully Scotland will be the beneficiary. Will also be a nice bonus however to see some of the crooks that forced through this deal via a combination of incompetence and manipulation of the rules to get what is coming to them.


4

Marga,

Edinburgh 03/07/2009 00:44:17
"They believe Mr Daniels will survive because of the UK government's 43 per cent share in the bank."

The government does not own 43% of the bank, the taxpayers do.
5

Gorach,

Oban 03/07/2009 00:49:21
Aye,skullduggery to be sure ...

My money was removed
6

Fletty73,

Stirling 03/07/2009 01:52:49
Broon steam rolled this takeover through.
Thinking, I suspect, this will annoy the Scots , AND, create a supersize bank that's too big to fail and is full of all my backscratching chums.
7

donald,

glasgow 03/07/2009 05:58:20
Labour and their capitalist chums are the biggest bank robber chums in history. Move over Jesse.
8

Linda,

Edinburgh 03/07/2009 08:29:18
Banks should never been allowed to get so big that a failure would have dire consequences.
Brown's light touch comes home to roost.
Speech by the Chancellor of the Exchequer, the Rt Hon Gordon Brown MP, to Mansion House (20th June 2007 from HM Treasury Web Site)
My Lord Mayor, Mr Governor, my Lords, Aldermen, Mr Recorder, Sheriffs, ladies and gentlemen.
Over the ten years that I have had the privilege of addressing you as Chancellor, I have been able year by year to record how the City of London has risen by your efforts, ingenuity and creativity to become a new world leader.
Now today over 40 per cent of the world's foreign equities are traded here, more than New York:
• over 30 per cent of the world's currencies exchanges take place here, more than New York and Tokyo combined,
• while New York and Tokyo are reliant mainly on their large American and Asian domestic markets, 80 per cent of our business is international, and
• in a study last week of the top 50 financial cities, the City of London came first.
So I congratulate you Lord Mayor and the City of London on these remarkable achievements, an era that history will record as the beginning of a new golden age for the City of London.
And I believe the lesson we learn from the success of the City has ramifications far beyond the City itself - that we are leading because we are first in putting to work exactly that set of qualities that is needed for global success:
• openness to the world and global reach,
• pioneers of free trade and its leading defenders,
• with a deep and abiding belief in open markets,
9

morris,

edinburgh 03/07/2009 08:53:23
2 It was clearly documented on radio tv and newspapers by Brown and Darling that the rescue package was conditional upon being taken over by LLoyds TSB. Many of us expressed doubts about the deal at the time.
Lloyds TSB were KNOWN to be not too clever in their own finances and if they were a more sound unit than HBOS it was not saying very much, and many of my colleauges who work in the finance centre were of the opinion that this was political manouvering of the worst kind and ensuring that HBOS were made even more "British" than the Halifax screw up already had.
Can anyone prove this? No .

You would have to agree to open your eyes before you could see !
I wonder What is it about the Scots ?

We grasp the self destruct button and refuse to give it up ?

Brown has made it clear that he is "prepared to go to any lengths to protect the Union ", including even more quisling acts than the suppression of the MccRone Report for thirty years.
We aint seen nuthin yet.
10

Martinh,

03/07/2009 09:09:19
#17. Wow Linda. Quoting a speech verbatim almost without comment, certainly no analysis. Is there no beginning to your originality? How do you do it?

#14. Donald, actually quite liked this, but hardly a serious political point either.
11

paulr,

edinburgh 03/07/2009 09:10:42
hypocrisy in action,
another fine example from mr darling, he and his boss are directly responsible for this fiasco, daniels is a pawn but he should go anyway.
12

Voice of reason,

EDINBURGH 03/07/2009 09:28:48
I agree with 20 - Brown and Blair orchestrated the credit " feelgood " to win votes . Brown knew damn well the bank crisis was coming but did nothing so as not to spoil the party . Brown lied about the real state of the economy for years , he is a fraudster and should be put on trial by those who relied on his words in taking out credit .
13

ken 17,

Glasgow Area 03/07/2009 09:41:23
BoS would never have been in the situation, if the 'foreigners' from Halifax hadn'y got their claws in!!!!!!!!!!
I used to think that the@Monopolies and Mergers' Commission knew what they were doing, but thats a laugh, Fine old Scottish instituations, brought to knees by rushing in where 'angels fear to tread', this coupled with RBS aquisitiveness and BoS naivity have brought us to this situation.
The Lloyds TSB scenario just defies comment,since it can be seen that those who resisted the blandishments of the TSB [Savings Bank of Glasgow} are still comparatively healthy.
Roll on the revolution and by the way, could someone remind me whose money made these banks secure, I'm sure it was the 'little people' but then we're only an account number now!!!!!!!!!!!!!!!!!!!!!!!
14

Luigiana,

Aberdeen 03/07/2009 09:50:22
Never mind the scapegoat - what about the main architect of this fiasco:

RH Gordon Brown, Hammer of HBOS
15

Lianachan,

Highlands 03/07/2009 10:01:35
It would be a disgrace if this guy is made to walk the plank while the real pirates, the politicians who forced the whole thing through (even changed the law so it could go through), get off with it.
16

Tris,

03/07/2009 10:58:58
#24 I'm not sure that they changed the law. I'm not sure that the Prime Minister can just do that. I think that they broke the law.

It will be interesting to see what the EU has to say.
17

TWC,

exLabour 03/07/2009 10:59:23
Another disaster, everything Brown touches crumbles to dust

Economy
Banks
Pensions
Labour Party
British Jobs
Bank Regulation etc
18

mareseatoats,

Edinburgh 03/07/2009 11:50:15
HBOS should have been allowed to go bust - that would have woken up the bankers to their irresponsible and greedy behaviour - and it would have solved the problem of Freds pension as well!
19

mareseatoats,

Edinburgh 03/07/2009 11:56:32
#21 Have you no responsibility for your debts? Or is it always someone else's fault? Buck up your ideas mate!
20

TWC,

exLabour 03/07/2009 12:19:26
28 mareseatoats,

I certainly hold no responsibility. I have nothing invested in any of the failed banks, I have no loans, I haven't sold or bougfht a house.

Most of the money invested in the Svcottish banks was not Scottish.

Don't be fooled it wasn't Scotland's Economy that was at risk it was UK.

Don't listen to Morphy Labour saved the banks not Scotland.
21

Marga,

Edinburgh 03/07/2009 13:12:15
Martinh said "#17. Wow Linda. Quoting a speech verbatim almost without comment, certainly no analysis. Is there no beginning to your originality? How do you do it?"

I'd like to thank Linda for reminding us of this speech verbatim, with no attempts at "analysis" - we can all make our minds up for ourselves.
22

Buckpool Loon,

Cheshire 03/07/2009 13:36:08
Is the Scotsman practising censorship?

Some months ago, after a series of posted comments seemed to get lost in the ethernet's wilderness I stopped commenting on this site.

Yesterday I took minor issue on a comment posted by a SNP supporter. Nothing major, we both are supporters of independence, but having gone through the rigours of registering the comment made it through.

Today when I comment on the real need to hold all the bankers to account and how we should demand our government should pursue, prosecute them and clean them out in reparations - the ether fairy sprinkles it in cyberspace. Is this by chance or design?

If it's the latter its quite flattering. Now I'll try again.
23

Buckpool Loon,

Cheshire 03/07/2009 13:39:51
Damn, it worked!

Once again flattery's got me nowhere
24

TWC,

exLabour 03/07/2009 16:07:58
Tartan Bonds Fakey go play in the trafffic,
25

Tris,

03/07/2009 22:02:10
#24... Sorry.... what are you talking about?
26

Noxious,

04/07/2009 00:10:22
18 Its a fact that a huge amount of HBOS toxic debt sits within the Corporate banking arena, managed by Mr Peter Cummings, a time served BoS man. So don't kid yourself that it's all the fault of Halifax, though many of their management are equally culpable.

23 HBOS could never have been allowed to go bust, as the wider economic consequences would have been too dire to contemplate, hence the government's willingness to "encourage" the Lloyds deal.
27

Noxious,

04/07/2009 00:12:50
23 And by the way, what has Fred's pension got to do with HBOS? He was CEO of RBS in case you haven't been paying attention!
28

Noxious,

04/07/2009 00:20:12
I tend to agree with the argument that Daniel's should be sacked. I think he and Blank were blinded by opportunism, believing they could pick up HBOS on the cheap, and didn't really evaluate the risk properly. Up until that point, LTSB shareholders had not fared too badly compared to their counterparts in HBOS, RBS, Barclays. However, as a result of the HBOS takeover, they have seen the value of their shareholdings decimated.
29

Noxious,

04/07/2009 00:40:26
Quote from Lloyds in response to angry shareholders:
"We believe the acquisition was very much in the interest of shareholders and will deliver significant benefits to shareholders in the medium to longer term."

Unfortunately, they failed to give any indication that, in the short term, it could dramatically reduce the value of the shares and eliminate dividend payments. But then that is because they were blinded by greed and couldn't see the mess they were getting involved in.
30

Noxious,

04/07/2009 01:04:44
Apologies if I appear to be ranting on about this - I do have a vested interest and I'm well into my second bottle of wine. Also, it doesn't look as if anyone else is online, so I'm effectively ranting to myself! Point is, I hear a lot of disgruntled Lloyds employees complaining that HBOS dragged them down. (To make my positon clear, I am an insider - originally from the BOS side of HBOS to be clear). There's a bit of a superior attitude from the Lloyds side - you were in the sh!t and we bailed you out and we've suffered as a result. I just point out to these people that it was their management that recommended the deal to their shareholders, so if you don't like it, pick up the phone to Eric Daniels and tell him what a d*ckhead you think he is. Not likely to happen as they seem some way away from embracing an open and honest feedback culture, at least as far as honest upward feedback is concerned.

 

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