You can just picture the case where the SP drops following a tell Sid offering with claims companies clamouring for compensation because there were no adequate warnings that share prices may go down as well as up and hence Sid was "miss sold". Best to forget Sid and better do a "tell Jock" north of the border with RBS! :)
Ppl was always an easy add on compulsory or contingent in many cases. When it was much more difficult to shop around. These days you can go to Tesco or Sainsburys and credit scoring makes it much simpler for the lenders and no bank manager required to make a decision. Similarly endowment mortgages were another product where mis selling was rife. I'm glad AHO saw the light I just hope there are no more skeletons in Lloyds closets.
Agree broadly IMHO the Sid Sale was always going to be a dodgy enterprise.However the Joe public alias Sid has already done well on PPI. Imagine a scenario where on the launch day the SP sinking for one of several reasons.It was always unwise to announce and it is unwise now to persist with SID sale. MS drip sale has certainly proved a sensible move. Give up the Sid sale Osborne, please. Not wise to ignore good advice!!!
On one TV channel last week, CEO of one Fund Managers said " Nothing has changed from 2008 for UK banks" a chilling comment
Ozzy seems to be in a awkward place - having been criticised over the RMG sale one can see how how he may favour MS to run HMG's holding down to zero but on the other hand there was an election pledge to give Joe Public a bite of the apple, Would Joe Public mind if the Tell Sid sale was abandoned? possibly not but I'm sure the opposition will look to score points if it is dropped, Given the election pledge, the risk criticism, a fairly solid history of open market value to base the sale on and the Conservative natural inclination towards Tell Sid sales I think Ozzy will stick with plan A
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