Dear Sir Winfred,
You have taken over as chairman of the Lloyds Banking Group during a time of turmoil and uncertainty. As you know, the role of a chairman of a company such as Lloyds is that of an overseer – not exercising a day to day managerial role of an executive director but that of overseeing board decisions and having a more strategic viewpoint. However, an important part of the role of chairman is that of being one of the key representatives of the company so far as its relations with regulators and governments is concerned.
I write from the perspective of a private shareholder. You will be aware of course that there is a very great difference between the public perception of a private shareholder and reality. A person could be forgiven for imagining that a private shareholder was some public school educated, champagne drinking “Hooray Henry” lounging around in Bacchanalian idleness on a luxury yacht anchored off the Cap d’Antibes.
You will know however that such a vision is a parody of the truth. Most private shareholders in Lloyds Bank are modestly off middle class folk who have or plan to rely on their shareholding to provide a significant part of their retirement income. This was why Lloyds (along with other U.K. banks) paid great attention to the size of the dividend payments. I am one such person. This together with the collapse of their income from interest paying deposit accounts mean that times are hard for these good folk. They of course get absolutely no sympathy at all from the politicians.
It is the politicians that are the real subject of this open letter. Your predecessor, Sir Victor Blank, along with Eric Daniels were asked by Gordon Brown and Alistair Darling to have LloydsTSB takeover the bankrupt HBOS. Although they made it clear that were Lloyds to do this they would waive the competition rules and the new “super-bank” would not be “pruned” they were aware of the fact that since state aid was inevitable the E.U. would become involved.
Of course the E.U. did become involved. This is because Messrs. Brown and Darling gave a promise they could not keep and knew that they could not keep – for they pretended to act as heads of a sovereign government whilst all the while they knew they were not. In short, they deceived your predecessor and Mr. Daniels. Lloyds Bank are justified in feeling that they have been ill-used.
As you know, the body who exercises power in this area is the European Union and Lloyds are now faced with paying the price.
You may think that “what is done is done” but that is not necessarily the case.
Firstly, I would suggest that in your dealings with Messrs. Brown and Darling – and any other government politician for that matter – you must not take anything they say at face value. Do not assume they are telling you the truth. They are just as likely to be lying. Their mendacity is easily proven. Both Brown and Darling are Privy Councillors who took a solemn oath, with hand on bible – in front of the Queen herself – to ensure that: “….no foreign prince, potentate or power shall have precedence in this land….” knowing full well beforehand that they had no intention whatsoever of keeping that oath – for they supported the United Kingdom’s continued membership of the European Union which of course directly contradicts this.
Of course Lloyds has first hand expensive and painful proof of this by being directed to sell off large parts of its organisation.
Consider this: if these men are prepared to lie on oath to their own Sovereign Lady – how many scruples do you think they have about lying to you or Mr Daniels ?
Now; being the practical forward thinking “problem solver” that you are, I am sure you are considering the question: “How is the Lloyds Banking Group going to get out of this hole ?”
Well of course the first thing – when in a hole is obvious: Stop digging!
It is therefore imperative that Lloyds Banking Group must take action against those responsible for persuading the bank to end up in its present parlous situation; the U.K. government.
You will immediately ask: “How ?”
By applying pressure on them at their most vulnerable point. Rather than repeat what has already appeared in previous articles I would commend that you read the previous articles of the British Gazette (See: Of Treason and Treachery, Lloyds Bank – a victim of fraud, The bare faced cheek of it!, Lloyds Banking Group – hears the worst, The Ultimate Betrayal).
There you will be presented with facts that detail how from 1st December, 2009 the U.K. will have no lawful government.
This sounds incredible but run the details past a barrister skilled in constitutional law and he/she will confirm it.
I suggest then that Lloyds start by taking an action against the two men who misled them for perjury for starters.
Peter H. Rogers