Lloyds TSB 投資家s 不公平に 傷つける

By This Is Money
Updated: 13:53 BST, 16 October 2008

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Any 取引，協定 stitched together in the middle of the night under 厳しい 強調する／ストレス is bound to have 欠陥s.

So it is hardly surprising that some big 大隊 投資家s, and the banks themselves, are now kicking 支援する against the part-nationalisation 条件 課すd upon th em in the 早期に hours of Monday morning.

There are two 面s of the 救助（する） 主要な to bleats from the 負傷させるd.

Firstly, the preference 株, an integral part of the £37bn bailout, are seen as too expensive with their 12% coupon.

The UK preference 株 are 存在 compared to those in the American bailout, which carry a 5% coupon.

Secondly, there are strong 反対s to the 必要物／必要条件 that the （株主への）配当 on ordinary 株 is 一時停止するd until the preference 株 are redeemed.

The preference 株 have been 定価つきの too high for 慰安 and it may be 価値（がある） revisiting the coupon 審議.

But the 事例／患者 for 解除するing the 禁止（する） on （株主への）配当s is extraordinarily weak.

The boards of some of the banks, 顕著に RBS and Barclays, were daft earlier this year when they jacked up payouts by around 10% while begging the 政府 to refinance their mortgage 資産s.

This was foolish in the extreme given the 汚染するd 資産s on their balance sheets.

So the 政府 is 絶対 権利 to 需要・要求する that （株主への）配当s are axed in the 現在の 気候.

After all, the world's best 投資家, 過密な住居 Buffett, has only once in all his years at the 舵輪／支配 ever made a payout to Berkshire Hathaway 投資家s.注ぐing cash 支援する into 投資 has always been his approach.

As for the 提案するd Lloyds TSB/Halifax Bank of Scotland 合併, it is, in my 見解（をとる） as a 長年の 私的な 投資家 in Lloyds, an abomination.

Under three 連続する 長，指導者 (n)役員／(a)執行力のあるs, Sir Brian Pitman, Peter Ellwood and Eric Daniels, Lloyds 追求するd a 選び出す／独身-minded 政策 of concentrating on what they knew best - the UK 消費者 banking and 保険 markets, and 支払う／賃金ing their 株主s handsomely for 投資するing in a low 危険 bank.

And how have those 株主s been rewarded for their 忠義? They have been いじめ（る）d into a 競争-破産した／（警察が）手入れするing 合併 with HBOS in which the 条件 are 悪化するing all the time. The handsome （株主への）配当 has been cancelled. Lloyds TSB 投資家s have a 権利 to be angry.

Real 苦痛

It was always 必然的な that the 危機 in the 財政上の markets would 結局 影響する／感情 the real economy of growth and 職業s. The 国家の 学校／設ける believes that the UK moved into 後退，不況 in May and certainly the events since September, with banks 落ちるing like 支配s, have not helped 信用／信任.

The 最新の 失業 人物／姿／数字s show how 速く the pause in growth is feeding through to the 労働 market. The rise in the number of people （人命などを）奪う，主張するing 失業 利益 jumped by 31,800 in September and the slow drip of 職業s 存在 axed is moving from construction and 財政／金融 to other 部門s of the economy with company's as different as Cadbury and ITV shaving 職業s.

The 予測s are starting to look ますます 悲惨な with 通貨の 政策 委員会 無所属の政治家 David Blanchflower 恐れるing 2m out of work by Christmas and 経済学者s arguing that by the end of 2010 it could reach 3m. It is also 価値（がある） remembering that the public 部門, which grew exponentially under 労働, is in for a bruising time as spending growth 落ちるs 速く from more than 5% a year to 1.8% on 現在の 計画（する）s.

早い 職業 losses can only 追加する to the grief for the 住宅 and banking 部門s with more people who bought homes in the good years finding it hard to 会合，会う 支払い（額）s. So it may be just 同様に that the bank balance sheets have been rigorously 強調する／ストレス 実験（する）d for all eventualities by the 財政上の Services 当局.

Gordon Brown is still 製図／抽選 慰安 from the fact that the 失業率 in Britain is still technically lower that の中で other Western economies. Even if this tendentious comparison is true it will be small 慰安 for the tens of thousands now 調印 on for 利益. Not to について言及する the 可能性のある cost to the 国庫 of having to 爆撃する out billions of extra 続けざまに猛撃するs in 福利事業 支払い（額）s.