18-Jun-14 Espirito Santo Execution Sell 70.00 70.00 Reiteration I have been looking at the Broker recommendations for the some past months.The one above has been persistently making a sell recommendation with a value well under the market prices.It appears but I am not sure , they have their roots in Portugal.Wonder why they do not see much good in LLOY. Perhaps they know something the rest of the market doesn't .For LLOY holders it is a dispiriting Espirito.!!!
When Hbos all but went bust I and a lot of others lost a fortune on our Peps which I had held since the the hand out of shares on the initial Halifax float.My personal loss was 10K but I vowed to get it back when the opportunity to buy thousands of shares at 25p came along .Would I have been able to make 35k in a year if those shares had been £10 as they were before the crash the short answer is no because I did'nt have the funds.The day that Lloyds bought out The HBOS I was in a BOS Branch trying to retrieve 80K that was in a 7% earning Bond and the idiot of a bank assisant could only bleat about losing his job.After that terrible experience gambling on a gilt edged government backed bank was avery easy and rewarding experience.
Living in the past is understandable but can we put the clock back? Today the market is struggling IMHO due to two reasons : The FED in the US is meeting to decide on stimulus or un-stimulus program and the escalating Iraq situation. We will know the outcome of the first within 48 hours but the second one depends on unknown factors.Largely the US holds the key. GLA
The believe within the bank is that the funds that had been advanced to HBOS by the BOE were massively underplayed by Brown. In Simple terms on one day the BOE was propping up HBOS and on the next it was LLoyds, also the potential for further large losses was not found in the diligence. At this time internally Daniels was assuring staff, that we were a conservative well placed bank, and that our falling share price was being dragged down by the performance of others, and that when the true LLoyds position was established we would rebound. Without HBOS would we have been a 25p Share 100% No we would not.
As for PPI this was obviously post Eric and not directly related to HBOS. However, lets remeber Antonio led the way in saying he would refund everybody irrespective of whether miss selling could be proven. At that time he said this was likley to cost £3 Billion. Now after allowing £9 Billion is it over ? Had he known it was that amount would he have said that all PPI would be repaid uncontested ? I think not.
Sorry to prolong this rather historical situation,but you imply that Lloyds had a problem separate to HBOS when you link them with RBS.,and the like The share price may not have been strong as a the previous years but do not put them on the same level as scoundrels such as Goodwin and Hornby I think they would have survived without too much intervention from the government,and certainly the share price would not have been such a disaster
Also remember Daniels may not have left the bank -Lloyds where ok pre HBOS and may have needed a little extra funding but should have been able to have raised from the markets rather than government. I certainly think Antonio wouldn't be there. It was easy for him to use the previous management team as an excuse for a number of things such as PPI.
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