Saturday, March 07, 2009

Lloyd's Banking Group PLC Gets EATED

The British government is very hungry.
LONDON (AP) -- The British government has become a majority shareholder in Lloyds Banking Group PLC in exchange for insuring more than 260 billion pounds ($367 billion dollars) in risky assets, the bank said Saturday. The deal raises the government's interest in the group from 43.5 percent to at least 65 percent. As a condition of the deal, the bank promised to increase lending by 28 billion pounds ($39 billion) over the next two years, the majority to businesses.