Tuesday 11 November 2008

HBoSing across the universe ...

I read with interest that the Financial Times is now backing the campaign to save HBoS from Gordon Brown's backroom deal.
If I may be so bold:
Conceived in the crucible of the financial crisis eight weeks ago, the proposed takeover of Halifax Bank of Scotland by Lloyds TSB now looks hasty, maybe even ill-judged.
Not only but also:
Nor is the merger an attractive short-term prospect.
I'm not done yet:
Assuming it is still viable, it could make more sense for the bank to remain independent. Sure, it would need more state support. But it could tap the government’s recapitalisation scheme for that. Some jobs might be saved and competition preserved as a result.
Then there's this:
Only investors can block the merger now. Rejecting the deal may lead to share price falls. But it is in the ultimate interests of consumers that they do.
Read the whole thing yourself, you'll enjoy it. I'm delighted to see that everyone is agreeing with me these days (well, except those who disagree). Hornby and Stevenson should go now and let people with the best interests of the bank at heart come in to do what they can.

Gordon Brown, of course, continues to support his mate's bid - which bolsters everyone else's opinion that Lloyds shouldn't be allowed near HBoS.
Of course, if you want the other take on this, read Alf 'irrepressible ray of sunshine' Young's piece in today's Herald (I can't find it online) where he alleges that these two elder statesmen of Scottish banking are coming out of retirement to protect their reputations. To use his own words,
for this long-term observer of both men, there's a strong self-justificatory streak in what they are about.
Read the whole article, though, it's an eye-opener, it's like he's been obsessed since his teens.

Personally, I can't wait for the website to go live.

1 comment:

Holyrood Patter said...

just a test to discover if and why you keep deleting my comments:)