18 September 2008

Financial Unknown-Unknowns

Two days ago, I wondered what other unknown-unknowns were out there, banking-wise. Turns out, it was the 10th largest UK takeover in any sector in history (Lloyds TSB absorbing Halifax Bank of Scotland). And the US government spending $85 billion to rescue AIG, once the world's largest insurer. And another co-ordinated £100 billion from central banks to grease the fearful wheels of finance (the overnight borrowing markets, to be precise).

When did Gordon Brown "arrange" the Lloyds-HBOS deal? At a drinks party on Monday night.

The prime minister promised that the deal would not be investigated by competition authorities -- if the enlarged bank continued to provide funds to would-be homeowners. Note the lack of conditions over job cuts and losses at the newly merged banks. In July 2001, Patricia Hewitt (remember her?), as the DTI secretary, vetoed a merger of Lloyds and Abbey National, on the grounds it would have cost at least 9000 jobs, as well as the closure of branches across the country. With Lloyds-HBOS, up to 40 000 jobs could go.

A few things to read:

Dave Osler asks if the Left has any answers to the financial crisis.

Molly, at Gaian Economics, argues that "we should not allow control of the most fundamental structures in our economy to be in the hands of privateers."

Nic Clarke of Charles Stanley (quoted in the Guardian) said Lloyds is making it riskier to hold its shares:

"Not only has Lloyds TSB tripled its exposure to UK mortgages in a period when the UK economy is about to go into recession but more importantly in the short term it has significantly increased Lloyds TSB exposure to potential short term funding problems. HBOS's loan to asset ratio is markedly higher than Lloyds TSB's and it has significant funding requirements in the near term. This was precisely why the short sellers had targeted HBOS for such harsh treatment early yesterday."
The BBC's website has a handy Q&A, along with a video of Paul Lewis (Radio 4's Moneybox) being interviewed on News 24.

Obsolete asks how it will affect football.

Finally, Robert Peston has an ominous blog post about a new world banking order:

"It's a world in which the Chinese state, if it co-ordinated the investments of its cash-rich institutions, could end up owning more-or-less the entire financial system of the US and the UK."

2 comments:

uhfdf said...

香港女星寫真,a片分享,美女色情裸體,台灣kiss情色貼圖,美腿圖,正妹,日本情色網,情色卡通下載,免費下載的做愛照片,線上a片免費看,tube影片,情色成人,ro 私服論壇,色情網,aaa片免費看短片分享區,日本人妻熟女自拍貼圖,蕃薯論壇,台灣網友自拍貼照,嘟嘟成人網,狂插漂亮美眉,8591論壇,女同志聊天室,人妻俱樂部網站,背包客棧論壇,成人性感內衣,看美女脫光光,黑澀會美眉無名,色咪咪貼影片,無碼a片,aa片免費看,免費線上觀看a片,做愛的圖片,色情漫畫,性感卡通美女圖片,香港a片,自拍,情色圖書館,plus 28 論壇,1007視訊,熟女自拍照,苗栗人聊天室,黑澀會美眉即時通,jp成人,色情,aaaaa片俱樂部,情侶歡愉用品,

okav成人影院,網友裸體自拍,交友ukiss,娘家影片,a片免費,黑澀會美眉即時通,人妻性交俱樂部,聊天室尋夢園,18禁,情色性感美女圖片,美女短片免費試看,3級女星寫真,情色短片論壇,摯愛中年聊天室,美腿貼圖,影音聊天,聊天室找一夜,g世代論壇,免費線上影片,淫蕩少女,火辣美眉自拍寫真貼圖,內衣寫真秀,美少女自拍,aa片免費看影片,麗的情色,gogo2sex,aooyy 成人玩具,台灣成人網,素人自拍,

opop said...

網路交友,av 女優,a圖a片,av383影音城,小高聊天室,台灣18成人,苗栗人聊天室,貼影區,正妹帶回家,18禁遊戲區,真情寫真,嘟嘟成人,台灣自拍,丁字褲美女寫真,1007視訊,裸體美女,玩弄旗袍美女遊戲,寫真集美女,777美女圖,真實自拍,台灣自拍,080聊天網,情色武俠,美腿工坊,影音部落格,aaa片免費看,0204成人片,ut女同聊天室,視訊辣妹,a片免費,人妻自拍,免費線上a片,上班族聊天室,18禁,熊貓貼圖區,aa片免費看,女優盒子,18禁區,ol美腿,777成人區,視訊美女,聊天室,自拍走光,a片試看,18禁卡通,美樂蒂情色網,台灣a片,

18禁漫畫,脫衣遊戲,免費a片觀賞,情色成人,丁字褲美女圖,視訊交友網,辣妹賓團,性愛自拍,小弟弟貼影片,潮吹影片,自拍圖貼,69成人,自拍網,線上看,家庭教師影片,免費a片線上看,正妹帶回家,聊天室入口,小莉影音像館,69成人,免費視訊辣妹,美女牆,小魔女免費影片,成人自拍,情色卡通,偷拍貼圖,線上影片,摸摸扣扣同學會聊天室,原住民聊天室,日本美女寫真集,情色聊天室,美女交友,情色成人,a片免費,影片分享,正妹日報,熊貓貼圖,美女寫真,無名強力正妹牆,性愛影片,0204 貼圖區,免費視訊辣妹脫衣秀,情色電影,兔女郎貼影區,自拍貼圖區,完美女人,熟女人影片,性愛自拍,1069交友,美眉成人排行榜,av女,本土自拍,美女桌布,