Considering the costly mess that he created, it's hard to imagine why he wasn't given the boot already but that's what happens when you get a wink and a nod from politicians at cocktail parties. The fact that he's retiring is not necessarily big news though the disturbing part of this story is that the board - his closest friends - were unanimous against him leaving. That says a lot about the banking problems today. They need to be flipped upside down, shaken until the loose pieces all fall and then restarted. I credit Obama/Geithner for starting the process of changing the board of directors at banks where the US is a major shareholder. Reuters:
Victor Blank is to step down as chairman of Lloyds Banking Group in the next year, following intense criticism of his part-nationalized British bank's purchase of troubled rival HBOS.The old boy network is rotten to the core and desperately needs to be changed before we move on.
This year's takeover of HBOS has saddled Lloyds with billions of pounds of losses from HBOS's more risky loan book, forcing the government to provide rescue funds and prompting investors to call for Blank to quit.
Lloyds said on Sunday the decision to retire was Blank's, and its board was unanimous in wanting him to seek re-election for another three years.
