Tag Archives: Oh Look

John Ward – Oh Look, The Deficit Is Still Growing – 21 August 2013

JohnWI’ve always remained certain that the bullsh*tters run out of road in the end. Darling, Brown, Geithner, Rehn, van Rompuy, Schäuble, Bernanke, Cameron….they’ve all been exposed as speakers of the bovine excrement. Now it’s Osborne’s turn. How sweet is the irony that the ultimate Barclay bumboy bullsh*tter Philip Baldrick at the Telegraph is the man bearing the bad news; and how typical that, even at this late stage, he still manages to use the risible R-word: Continue reading


John Ward – Oh Look, Lloyds Just Lost £330m – Or Rather We Did – 21 August 2013

JohnWAnd the hole in the balance sheet is £600m unfilled.

Half an hour ago, Lloyds signed a deal to sell Heidelberger Leben, its German life insurance business, for £256m to Hannover Re and Cinven, the German insurer and the private equity firm.

Reports two years ago – largely put out by the Treasury and the Draper – suggested a potential value of €1bn, but of course none of us believed that. The rump of Alistair Darling’s genius merger between HBOS the Hbomb and Lloyds is a mess, with a terrible loan book. (They just offloaded that to Goldman Sachs for, um, not very much: doubtless Lloyd Bankfine is slicing it up into derivatives as I type). Continue reading