Declaration of interest: The Editor owns a beneficial shareholding in Lloyds Bank.
Lloyds Bank has been in the news again. This time about Cameron’s suggestion that were he to be returned to government he would sell off the remaining shares owned by the government to the public at a discount. At the same time the left wing activists at the Bullshit Broadcasting Corporation demonstrated again their bias by FALSELY stating that Lloyds Bank was bailed out by the taxpayer.
THIS IS NOT TRUE AND IS A LIE. IT IS IN FACT DEFORMATION!
What took place in 2008 was that Halifax Bank of Scotland that was about to go bust, was taken over by the solvent Lloyds Bank after the then Labour government pleaded with the Lloyds board to do so. This of course required government and hence the taxpayer’s participation. Since that time the left wing ideologues at the Bullshit Broadcasting Corporation have time after time demonstrated their political bias by slandering Lloyds Bank at every opportunity.
Since 2008 the board of Lloyds Bank has done what has been necessary to put the new combined concern onto a sound footing. They have achieved great success. Now of course Mr Miliband threatens to renege on the deal made by his predecessors. At an AGM the Editor attended, he suggested to Lloyds Chairman that he should not trust politicians as far as he could throw them.
Mr Cameron now suggests that the remaining government owned shares be sold off. We do not disagree. However we do suggest to Mr Cameron that if he wants to get the best price for the taxpayer he is most likely to achieve this by selling the shares en-bloc to such as a sovereign wealth fund. This is because unloading a large amount of stock at one go inevitably depresses the price. Mr Cameron was taken to task by Mr Cable about offering a discount to share purchasers: this is inevitable – and Mr Cable of course knows this – for the aforementioned reason.
If Cameron’s plan goes ahead the market knows what will happen. Many members of the public – people with money in the bank – Tory voters – will buy as many shares as they can afford with the intention of selling them off shortly after and making a quick buck. These shares will then be bought by the institutional investors. Everybody knows this – including Mr Cameron!
IN OTHER WORDS, THIS IS AN ATTEMPT TO BUY VOTES – FOR THE TORIES – WITH TAXPAYERS MONEY.
Be under know doubt, if Cameron was acting in the interests of the taxpayer he would hawk the shares around to the numerous sovereign wealth funds. There are numerous such funds who would jump at the opportunity to acquire a 21.99% stake in a major retail bank such as Lloyds Bank. They would be prepared to pay over the odds.
Mr Cameron of course knows this. But then Mr Cameron is more interested in getting people to vote Tory than to discharge his duty as the Queen’s Prime Minister towards her and her subjects.
But then of course, you, Dear Reader will not be the least bit surprised as this is the man who stood before Her Majesty and took the Most Solemn Oath of Privy Councillor – fully intending to break it – by co-operating with a Foreign Power (the EU) in the government of the nation – as he took it!
Put it this way: If the Reader asked a pick pocket to look after his wallet whist he went for a bathe, would he expect the pick pocket to be around afterwards?
Speaking the Truth unto the Nation
