Speculators made £190 million by trading HBOS shares shortly before news of the bank’s rescue by Lloyds TSB was announced, it has emerged.
Well, at least they weren\’t doing anything naughty, like shorting the shares, were they? That would have made them spivs and speculators.
You haven’t quite mastered this whole DoubleThink, have you?
These speculators not only caused the price of oil to double (boo! Hard pressed families!) and then fall back again (boo! Cheaper oil = we use more of it), they also made money by exposing weaknesses in the banking system (boo! Those poor traders will not get bonuses this year) and then by conning the gummint into bailing them out (boo! Why should hard working families subsidise banks?).
So who got the other £110 million? The Crock and HBOS – note to self, do not ask that man for banking advice.