So why aren't we made as hell about Brown destroying Lloyds ?

Iain Martin has a good article about Brown's culpability for the destruction of Lloyds bank and the effective rape of its shareholders by Gordon Brown.

I recommend reading his article and asking just why isn't this the key issue in politics right now ?

See also my earlier post on why corporatism is to blame for our current crisis not free markets and capitalism as every Left wing luvie is repeating like a mantra on every broadcast they can get on - and its a lot.

The cost of Brown's encouragement to Lloyds share holders

During the share holder vote of the HBOS Lloyds merger I advised my wife to vote no, which she duly did, but clearly it wasn't a choice made by many other share holders.

Now she knows why as the merger went through anyway and she just received the following letter, which I attach for those of you who have the good fortune not to be Lloyds shareholders to read ( you need to click on it to read it - but I reproduce the key part below )..

Dear Victim Shareholder,

I am pleased to let you know that the acquisition of HBOS plc has now been completed and as you will be aware Lloyds TSB Group plc has now changed its name to Lloyds Banking Group plc. The combination will drive significant synergy benefits; the Lloyds Banking Group Board believe it will deliver total annual pre-tax cost savings greater than £1.5 billion by the end of 2011.

As shareholders will be aware, no dividend may be paid on the Lloyds Banking Group shares while any of the HM Treasury Preference Shares are outstanding, unless otherwise agreed by HM Treasury. However, the Lloyds Banking Group Board recognises the importance of dividends to shareholders and its clear intention is to achieve the repurchase of the HM Treasury Preference Shares during 2009 so as to enable us to resume the payment of dividends.

See what Charles Moore writes in the Telegraph:

No one is more conflicted in the crisis than the Prime Minister himself. You can feel him longing to attack bankers – both because everyone hates them at present and because of how Labour politics works. But he knows that the now-excoriated Sir Fred was once his close associate. Mr Brown boasted last autumn that it was his quiet word with his friend Sir Victor Blank, that persuaded Sir Victor’s company, Lloyds, to hurry up and take over HBOS – a move which seems to have turned both banks into the living dead.

Still at least the senior manager in Lloyds and the Prime Minister are being paid even if their shareholders are not. Thanks Gordon.