We're not the only ones with a credit crunch. HBOS, Britain's biggest mortgage lender, is going under.
IN THE rolling credit crisis, more than £46 billion of the bank's shareholder value has evaporated into thin air. The collapse has hit pension funds, wiped out the nest-eggs of many investors – and added to the misery of staff, many of whom had built up substantial holdings of HBOS shares.
The bank is going to be rescued by a merger with another UK bank, Lloyds TSB. [Scotsman & MarketWatch]
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Comments:
I wish they picked better names when they merge. "TSB Lloyds Halifax Bank of Scotland" is just too much of a mouthful.
Lloydsifax?
So is the worldwide experiment of giving people more money than what is sane over?
The question is what comes after financial alchemy
I have become too familiar with Lloyd's lately....
OK. That picture is heel-arious!!
"and added to the misery of staff, many of whom had built up substantial holdings of HBOS shares"
How many times does this need to be repeated? Don't hold a large fraction of your investments in your employer's own stock -- neither directly nor in a retirement account, for precisely this reason. If they go under, you lose your job AND your savings. *sigh*
Lloyds is pants...