posted on Mar, 6 2009 @ 05:29 PM
Lloyds Banking Group has agreed a deal with the Treasury that will see the government insure £260bn of the bank's loans, the BBC has learned.
Under the agreement, the government will increase its stake in Lloyds to around 60% from the current 43%.
This isn't just another big bank being rescued by big government, Lloyds/TSB was suffering like all banks but was brought to its knees by its
purchase of the struggling HBOS in a deal that was promoted by the government and allowed by the government which set aside usual trading laws to
allow this "super-bank" to emerge from the crisis.
Now, having engineered a deepening crisis the government is stepping in to rescue the bank it pushed overboard.
This is getting crazy, tax-payers are paying for the government to mess-up and then clean-up. It's like a house guest breaking your lamp and taking
the rest of your furniture away to compensate you - appalling.
This after the Bank of England yesterday created £75billion ex nihilo. I don't know wether this is a conspiracy to control everything or if they
genuinely haven't got a clue. I think its tempting to imagine its a conspiracy rather than an unavoidable disaster. I'd rather imagine there was a
psychopathic pilot than a lone screaming stewardess in the cockpit at the minute.