Saturday, February 14, 2009

Oncoming onslaught...

St. Valentine's Day Massacre? Or something similar? Is it on the cards, it wouldn't surprise me. Is there really a chance of civil unrest, or even...

"a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a “far greater financial crisis" than the current one."

[Times] Worrying indeed. A few months ago the BBC and Robert Scoop Peston were only too keen to tell us how much Gordon Brown was involved; and as the BBC online tells us:

"The government has also said it will over-rule any concerns that competition authorities may raise, BBC Business Editor Robert Peston has learned... ...He added the prime minister was involved in negotiating the deal, which has the blessing of UK authorities."

No room for doubt then. Except, as Iain Dale tells us, they seem to have forgotten that blessing and involvement, in fact they're going out of their way to not mention it. And Lloyd's is suffering: 1.6 billion quid MORE losses than they expected only a few weeks ago??!!! HBOS's corporate division seems to be at the heart of this problem, it lost £7 billion of the now 10 billion. Not enough due diligence, not enough time, not enough thought, not enough sense, not enough...not enough anything; of course don't worry, those responsible will suffer, or maybe not:

"Peter Cummings, who headed the division, is said to have left in January with a payoff of about £660,000 and a £6 million pension pot."

The original St. Valetines Day Massacre saw little real result for the gangs involved but the ensuing public outrage marked the beginning of the end for Bugs Moran's power, fading only one year later; Al Capone, the one who ordered the hit, succumbed via tax evasion charges two years later. With any luck the UK electorate won't have to wait that long...and if any of these wanker bankers had any integrity they'd be taking the lift to the high-floor windows as I write.

UPDATE...or even "STOP PRESS": (15th Feb...even though it's still only 10pm in the UK on the 14th) BONUS BAN...

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