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Tuesday, May 19, 2009

Firing Blank

Sir Victor Blank (soon to be ex chairman of Lloyds TSB) made two fundamental errors when he jumped at the "opportunity" offered to him by Gordon Brown to take over HBOS (which of course also meant that Brown could dig himself out of an embarrassing hole and avoid the spectacle of HBOS going bust):

1 He did not conduct a thorough due diligence into the loan book of HBOS before completion.

2 He trusted Gordon Brown, and assumed that he would never be "hung out to dry" (which of course he has been).

Never trust a politician, least of all Brown!

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