If you’ve ever wondered how the big-shot investment bankers “earn” their bonuses, the document launching Britain’s biggest rights issue will give you a clue. Lloyds Banking Group is issuing 36,505,088,579 new shares, to add to the 27,161,682,366 currently in issue.
A rather good idea, from a letter in the FT from one Ole K Roed of Luxembourg. His name may look suspiciously like an anagram, but his suggestion is sound. Banks are to be obliged to pay premiums for insurance against their failure, but the shareholders (and the taxpayers) have surely suffered enough.