Eighty billion poison pill for Llyods in HBOS accounts.

This blog stated from the start that HBOS would destroy Lloyds, it repeated the warnings throughout the long run-up to the final take-over just one month ago and noted concern at Legal and General in particular having supported the merger on 20th October last year, here, and again on 22nd November, linked here.

The report that the books of HBOS contain debts of 80 billion pounds Lloyds considers unacceptable is from The Independent this morning, linked here. It hardly comes as a surprise and if anything probably still understate the situation as things continue to deteriorate at a far faster pace than Lloyds even now anticipates - witness the US fourth quarter GDP shrinkage adjusted yesterday from minus 3.8 per cent to minus 6.2 per cent.

The UK media continues to be distracted by one individual's excessive pension while one opposition party leader remains in mourning having neglected his political duties for years and another even more pathetically continues on paternity leave! It is generally accepted that the nation's Prime Minister and Chancellor of the Exchequer are drowning, apparently (as illustrated above from the Anglo Saxon Chronicles blog) while atop the shoulders of English taxpayers.