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HBOS, Losses and Bonuses...
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Date: 16th Feb 2009
The weekend’s media frenzy surrounding the HBOS merger and the payment of bonuses is doing nothing at all to help the current very difficult environment for all the Banks and the Government’s attempts to stabilise the UK financial services sector.
Specifically for Lloyds TSB staff there is the danger that misleading comment and information will bounce the Government into taking unjustified action to prevent the payment of bonuses.
One other effect of the press onslaught and agitation from politicians has been to push the government to change its stance on nationalisation.
Over the last week it has moved from saying that nationalisation was not under consideration, to saying that it was “not under active consideration” and this morning to saying that it isn’t “contemplating nationalisation at the moment”. This shift of position is very subtle but there’s no doubt that the pressure being exerted on the Government to nationalise is very real.
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