Mary Posted January 20, 2009 Report Share Posted January 20, 2009 The bloodbath in the banking sector continued apace on Tuesday as Lloyds Banking Group joined Royal Bank of Scotland in suffering further devastating share losses. Lloyds sees shares plunge by almost 50 percent. Lloyds - created on Monday from the merger of HBOS and Lloyds TSB - plunged 47% at one stage amid doubts over the Government's second bank bail out and renewed fears for the sector's health. RBS also extended the mammoth falls of the previous session, with another double digit drop on top of Monday's 67% plunge. The NatWest parent had started the day in positive territory, but shares later slipped 11% into the red, with heavy losses for banks on Wall Street adding to its woes. Quote Link to comment Share on other sites More sharing options...
Paul Kennedy Posted January 20, 2009 Report Share Posted January 20, 2009 On the same depressing vein, I note the following comment reported in a number of papers, this from the Daily Mail: "Sterling plunged to a seven-year low against the dollar today as one of the world's top investors warned the currency was 'finished'. The pound fell more than two cents to hit a low of $1.3965 as traders reacted to the Government's latest multi-billion bailout of the banking system. It is the first time sterling has dropped below $1.40 since mid-2001 and is on track for its biggest one-day percentage fall against the dollar since late 1992. Less than a year ago, it was still trading at $2. Today, it was also down against the euro and the Japanese yen. Jim Rogers, who made his fortune when he founded the Quantum Fund with billionaire George Soros, warned investors they should start dumping the pound. He said: 'I would urge you to sell any sterling you might have. It's finished. I hate to say it, but I would not put any money in the UK.' " Quote Link to comment Share on other sites More sharing options...
observer Posted January 21, 2009 Report Share Posted January 21, 2009 Perhaps we may finish up going cap in hand (again) to the IMF for a bail out, which inevitabily will involve huge cuts in public services! Quote Link to comment Share on other sites More sharing options...
byrdy Posted January 21, 2009 Report Share Posted January 21, 2009 Paul,not impressed with the new picture! Quote Link to comment Share on other sites More sharing options...
Paul Kennedy Posted January 21, 2009 Report Share Posted January 21, 2009 It's my official WBC one. Quote Link to comment Share on other sites More sharing options...
wahl Posted January 21, 2009 Report Share Posted January 21, 2009 perhaps it is time for gormless gordon to nationalise the stock exchange, tax all share dealings of over 10000 shares at 25% except ones for financial organisations, where the tax is 75%. this should stop the rumour mongers and the adolescent attitude of the children at LSe. Quote Link to comment Share on other sites More sharing options...
observer Posted January 21, 2009 Report Share Posted January 21, 2009 You forgot the firing squads for the speculators! Quote Link to comment Share on other sites More sharing options...
observer Posted February 15, 2009 Report Share Posted February 15, 2009 Do Bank workers get paid a salary based on a contract of employment - "fair days pay for a fair days work"etc: and arn't "bonuses" designed as incentives for good performance above and beyond the call of duty? So why are Lloyds daring to pay out record bonuses for clear failiures in the banking system? Quote Link to comment Share on other sites More sharing options...
Lt Kije Posted February 15, 2009 Report Share Posted February 15, 2009 Sack the Pound join the Euro Quote Link to comment Share on other sites More sharing options...
Peter T Posted February 15, 2009 Report Share Posted February 15, 2009 I thought it was said this morning, that it's only the lower paid employees who are being rewarded, not the top people. Quote Link to comment Share on other sites More sharing options...
Paul Kennedy Posted February 16, 2009 Report Share Posted February 16, 2009 That is true, but I'm not sure that any company in trouble can afford to pay bonuses to anybody. Most businesses who won't be bailed out by the taxpayer, not only don't pay bonuses, they tend to make staff redundant in the first instance and then if things continue to decline, shut up shop......no bonuses, no salaries, no job. Quote Link to comment Share on other sites More sharing options...
harry hayes Posted February 16, 2009 Report Share Posted February 16, 2009 Re the currency is finished. Being old, it only seems like yesterday when the pound was heading downwards towards parity with the dollar - so we have a way to go yet. Not everyone has sympathy with savers, but many many prudent? people are being badly hit by this drop in shares - just one effect of the recession. I read that manufacturing has been very badly hit in countries like Japan. We don,t have that much so perhaps it is a slightly better note as we don,t have that far to fall. - which is a very small consolation. Happy days Quote Link to comment Share on other sites More sharing options...
Paul Kennedy Posted February 16, 2009 Report Share Posted February 16, 2009 Not everyone has sympathy with savers They should Quote Link to comment Share on other sites More sharing options...
Paul Kennedy Posted February 16, 2009 Report Share Posted February 16, 2009 but many many prudent? people are being badly hit by this drop in shares Not sure investing in shares is prudent, it is a gamble in the casino that is the Stock Exchange. Quote Link to comment Share on other sites More sharing options...
disgusted Posted February 16, 2009 Report Share Posted February 16, 2009 That is true, but I'm not sure that any company in trouble can afford to pay bonuses to anybody. Most businesses who won't be bailed out by the taxpayer, not only don't pay bonuses, they tend to make staff redundant in the first instance and then if things continue to decline, shut up shop......no bonuses, no salaries, no job.Correct me if I'm wrong as I only caught it on the radio, but isn;t it the Lloyds staff that are getting the bonuses, but due to the very recent takeover of HBOS, thye company is now in trouble, yet Lloyds on its own actually performed veyr well, hence those staff getting their bonus? I can understand it in that case, although surely like you say they should be looking at the long term health of the company, which could surely be helped by not paying out ?120m in bonuses? Quote Link to comment Share on other sites More sharing options...
asperity Posted February 16, 2009 Report Share Posted February 16, 2009 The merger between Lloyds and HBOS was a shotgun wedding, and Gordon "Prudence" Brown was holding the shotgun. Now Lloyds has been pulled into the mire that it had managed to avoid until then. Quote Link to comment Share on other sites More sharing options...
Lt Kije Posted February 16, 2009 Report Share Posted February 16, 2009 I think you will find Lloyds approached Gordon, I don't no where you get your news, but I would try going somewhere else Quote Link to comment Share on other sites More sharing options...
asperity Posted February 16, 2009 Report Share Posted February 16, 2009 I think you will find it well documented that Gordon approached Lloyds. I know where you get YOUR news so I'm not suprised you're so often misled. Quote Link to comment Share on other sites More sharing options...
Lt Kije Posted February 16, 2009 Report Share Posted February 16, 2009 Lloyds approached Gordon about the merger not the other way round, Yes Gordon thought it would be a good idea and help them out, I cannot understand why you are twisting the facts Quote Link to comment Share on other sites More sharing options...
asperity Posted February 16, 2009 Report Share Posted February 16, 2009 It's Nulabour who are the masters of spin not me!!! Quote Link to comment Share on other sites More sharing options...
Lt Kije Posted February 16, 2009 Report Share Posted February 16, 2009 Agreed But your catching up fast Nice try Quote Link to comment Share on other sites More sharing options...
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