Why Did Lloyds TSB Buy HBOS?

The rather unusual news from the UK is that the British government has grabbed control of Lloyds TSB PLC as a part of guaranteeing loans worth £260 billion. According to a statement from Lloyds TSB, “About 83% of the insured assets were acquired when the bank bought HBOS.” The details, as reported by Bloomberg, can […]

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A Bad Day For UK Shareholders

Today was a fairly bad day to be a shareholder in the United Kingdom. The idea of property rights – something that is vital in a modern democracy – seems to have been damaged somewhat. Property rights are a central tenet of a modern economy. Without legal rights of ownership with a solid enforcement system, […]

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