Lloyd’s “discovers” new losses:
Lloyds banking Group revealed yesterday that it had found £80bn of high-risk loans at HBOS, the bank it bought last month to save it from collapse.
The high-risk assets are part of £165bn of loans that Lloyds said were outside its own appetite for risk. Surging bad debts on HBOS’s books drove it to a £10.8bn loss for 2008.
Who’s gonna save Lloyd’s? What an unmitigated disaster.
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