I received an interesting letter yesterday from Lloyds TSB. It was one of those very telling and amusing moments, which demonstrates how, on many occasions, the world elites really haven’t got a clue what they are doing.
Back in 1995, Lloyds Bank and TSB merged to form Lloyds TSB. Less than twenty years later, it seems that wasn’t such a good idea after all. The letter I received announced that from the end of this year the bank will be de-merged with two separate banks being established once again: Lloyds Bank and TSB.
This is happening because the whole banking sector overreached itself catastrophically over the last twenty years, with salesmen (think ‘Fred the Shred’ Goodwin) running UK banks rather than accountants and banks being merged into super-banks, stacked with billions of loans which one day were found, literally, to not be worth the paper they were printed on. That day of reckoning came in 2008 and the UK economy went into meltdown, which we are yet to recover from.
The EU (oh yes, another cabal) has ordered increased competition in the UK banking sector. They are right but surely George Osborne should order the de-merger of Lloyds TSB not some faceless bureaucrat in Brussels?
I feel quite nostalgic. If only we could reverse many of the other disasters which occurred in the nineties and early noughties?