Taxpayers could have to spend billions bailing out the banks again after massive and unexpected losses were disclosed by Britain’s new superbank.
Shares in Lloyds Banking Group fell 32 per cent to 61.4p yesterday after it reported losses of £10 billion in HBOS, making it worth far less than thought when it was taken over in November.
The news, a huge embarrassment for Gordon Brown, who helped to broker the deal, triggered speculation that the bank will have to come back to the Government for more capital.
via Lloyds Banking Group rocked by shock losses in HBOS – Times Online .
