The World is seriously losing the plot. Firstly, The E.U Parliament gains it’s first two
Nazi BNP members. Said day for British Democracy indeed. Secondly, the news reported by the Sunday Telegraph, that Alliance Boots have taken on Andy Hornby as their new Chief Executive.
When I went 4p overdrawn late last year, Lloyds charged me £15 for the privilege. Plus, £6 a day, until I paid it back. I got the letter informing me I’d gone overdrawn, two days later, and so with the daily charge, another £12 on top of the £15. I went into Lloyds to speak to the manager. I had 4p with me, plus I was nice enough to bring an extra 2p, a whole half of what i’d gone over, as a penalty that I thought was adequate. The manager told me that I should look after my account better, and that £27, for going 4p over, was perfectly acceptable, and given that I didn’t have £27 that day, i’d have to come back the next day, with the charge then at £33. Why he thought i’d have £33 tomorrow, when I didn’t have £27 today, is beyond me. Greed, i’d imagine. This, was two days after Lloyds had just received a bail out from tax payers. It was a couple of months before the Government side-stepped monopoly rules, to allow Lloyds to pretty much take over half the banking sector, including HBOS which was acquired in a rush, with an expected loss of £8bn, when in fact, it was £10.8bn, which of course had massive implications for it’s workforce. Not so much for it’s rich executives. And they have the nerve to lecture me, for going 4p over drawn, despite themselves going £2.8bn overdrawn? Can I charge them for that? I don’t have the taxpayer to bail me out.
Former CEO of HBOS Andy Hornby played his part in the dodgy dealings worth a pre-tax loss of £10.8bn to HBOS in 2008. Hornby was thus forced to step down when Lloyds Group took over the toxic debts of HBOS in January 2009, but was rehired by Lloyds Group as a consultant, for £60,000 a month. Which is bad enough. Especially considering HM Treasury were forced to prop up Lloyds Group in 2009, by taking a 43% stake in the Company. I’m pretty sure I could take on a role as a banking CEO, and make such extreme loses, leading to a financial disaster, huge job losses, huge loan scale backs leading to the deaths of many businesses, and huge home repossessions, if it means I take home a lovely big bonus and a new £60,000 a month job.
Lloyds haven’t faired much better since taking over the mess left by Hornby. In December 2008, they systematically cut off funding to Interpal, one of the few remaining humanitarian charities in Gaza, dedicated to helping Orphaned children and those who cannot help themselves. Then of course, there was the news in February, from the Treasury and reported in The Guardian, that Lloyds had been disguising tax avoidance schemes as American Financial institution investments. Followed most recently, two days ago in fact, by the news that Lloyds paid back £4bn worth of preference shares to HM Treasury in order to avoid £480m of annual interest, whilst simultaneously cutting 1660 jobs across 164 Cheltenham and Gloucester branches. The UK Government propped up the failing Lloyds Group, after it took on such toxic assets, not simply so the Lloyds executives could pay Andy Hornby £60,000 a month, whilst laying off 1,660 people. Is this “trickle down economics“? The closing of 164 C&G branches, will have an adverse affect on local businesses and projects. Lloyds should be ashamed. The UK Government should be ashamed. As a Lloyds customer myself, I’m wondering what the incentive is to remain loyal to these people. It simply exists to benefit those like Hornby. To make sure those people, those rich few, remain so. Not only that, but the moment the job cuts were announced, the share price shot up. Seriously, the World has lost the plot. It woudlseem that their thinking revolves around the idea that the sooner they can get to the stage where they’re able to pay out ridiculously huge bonuses to those who do not deserve it, the better.? No, fuck right off! If I were part of the Treasury, with a 43% stake in Lloyds Group, the first thing I do when they announce they want to cut 1660 jobs, and cut 164 branches of a much loved high street bank, whilst paying consultants £60,000 a year and paying the treasure back, is to tell them to keep the £4bn, until they are able to pay it back, without such huge cutbacks. If that’s ten years down the line, so be it.
Alliance Boots, of all the people they could have chosen as their next Chief Executive, they go for a man who lost his last company, £10.8bn. A monkey would have been a more reliable option.