<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/0cdaf62b-22a6-4096-b380-503d81c41f2b/4105975F-B294-447D-A7E6-8CAABA5CFB2F/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.telegraph.co.uk/finance/financetopics/financialcrisis/6199431/Lehman-collapse-Lloyds-and-HBOS-a-disastrous-deal-hatched-in-a-Mayfair-flat.html" href="http://www.telegraph.co.uk/finance/financetopics/financialcrisis/6199431/Lehman-collapse-Lloyds-and-HBOS-a-disastrous-deal-hatched-in-a-Mayfair-flat.html" style="font-size: 11px;">www.telegraph.co.uk</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/financetopics/financialcrisis/6199431/Lehman-collapse-Lloyds-and-HBOS-a-disastrous-deal-hatched-in-a-Mayfair-flat.html"><H1>Lehman collapse: Lloyds and HBOS a disastrous deal hatched in a Mayfair flat</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/financetopics/financialcrisis/6199431/Lehman-collapse-Lloyds-and-HBOS-a-disastrous-deal-hatched-in-a-Mayfair-flat.html"><H2> The collapse of Lehman Brothers a year ago had serious ramifications for other banks, not least HBOS, which was forced to seek a merger with Lloyds TSB. At the time the deal looked problematic but it soon turned out to be disastrous for Lloyds, with the Government having to step in to bail it out and its chairman, Sir Victor Blank, eventually stepping down. We take a close look at the merger </H2></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/financetopics/financialcrisis/6199431/Lehman-collapse-Lloyds-and-HBOS-a-disastrous-deal-hatched-in-a-Mayfair-flat.html"><div align="center"><img src="http://content7.clipmarks.com/blog_cache/www.telegraph.co.uk/img/2AB4E5F8-92A9-4B69-AA4B-A8BDE7982E68" alt="Hornby and Daniels - Lloyds and HBOS a disastrous deal hatched in a Mayfair flat" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/financetopics/financialcrisis/6199431/Lehman-collapse-Lloyds-and-HBOS-a-disastrous-deal-hatched-in-a-Mayfair-flat.html"><P> The six began hammering out a plan. Although presented as a merger, Lloyds would take over HBOS at a discount to its book value. In the driving seat, Lloyds took a firm negotiating stance, while "Andy was in a state of panic", one person at the meeting said. "There was a lot of aggression between the two teams. You always get that in a bid but this was compressed into a few moments and the stakes were enormous. Obviously, it got heated." </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/4105975F-B294-447D-A7E6-8CAABA5CFB2F/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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