The RBS (LON:RBS) shareholders threatening to sue their former directors and advisers over last year’s rights issue have a point. If the board knew the bank’s problems they were fraudulent in seeking new capital and if they didn’t, they should.
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Getting your insurance company to give you the money to pay its premium is a clever wheeze, but that’s what Lloyds Banking Group is planning. If it finances its participation in the government’s bad-debt insurance scheme with a rights issue, the state, as largest shareholder, will have to stump up the biggest part of the £16bn cost.
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It’s not only when new economic figures are better than the old that we know we’re past the worst, it’s when the old figures are revised so that they’re not as bad as they were.
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Dare one ask, amid all the comment to mark the year since the collapse of Lehman Brothers, were the financial regulators wrong in refusing to rescue the bank?
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Two years on from the run on Northern Rock in September 2007 and Lloyds Banking Group (LON:LLOY) should be cursing the regulators for blocking its bid to rescue the mortgage bank. Lloyds Banking Group would have lost the whole of the £1.7bn bid price and more – but still saved that sum many times over.
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If land is valuable because they aren’t making it any more, the value of equities ought to be about to plunge. The markets are set to be flooded with shares in coming years.
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