internet scams.

<snip>

I make it a rule to avoid banking with whoever owns Coutts as an
enormous percentage of Lloyds names bank with them and in order to
become a name they all needed to provide a letter of credit from their
bank, given another catastrophe on the scale of 911 it entirely
plausible that Lloyds could go bankrupt and start calling in those
letters of credit and demanding Coutts honer them as I'm afraid a lot of
names have got no money left. Coutts would then say "OK we'll honer
them, no problem, we've got insurance against the event of large numbers
of our clients going bankrupt and us having to honer their letters of
credit," unfortunately the policy is underwritten at Lloyds of London.

--
Bob
Currently borrowing a black and red Yamaha XJ750 with fuel injection
Present: Honda XL125RF (FS)
Past: Honda CG125
bob at homeurl tomato dot co dot uk
remove the red fruit if you’d like to email me.

 

So what?

The risks with Lloyds have always been clearly understood. "Unlimited
liability". You stand to lose everything.

For decades they made fat profits - and then they had to pay out. Tough
shit. That's life.

(My sis was/is a name. She got hit, and admitted it hurt, but said: "If
you can't stand the heat, stay out of the kitchen...." which I thought
was exactly the right attitude.

You, sir, are a twat.

 

The point he was making, as I understand it, is the Lloyds names won't be
able to honour their commitments, Coutts has effectively underwritten
them and they themselves will go under taking with them any 'small'
personal customers. Which is why he doesn't want to bank with them.

I quite agree with you, if my horse doesn't come in I don't expect the
nice Paddy Power to give my money back, but that doesn't seem to be what
Bob123 was saying.

Anyway, if I had my way the only thing you'd be worrying about is your
natty green uniform and how good your synchronised marching is. Comrade.

 

So what?

The risks with Lloyds have always been clearly understood. "Unlimited
liability". You stand to lose everything.
You, sir, are a twat.[/QUOTE]

did you read what he said, and in the context in which it was said? It
didn't come across to me that he was dissing the Lloyds names, but
merely that he wouldn't want to place his own money in a pool with
theirs.

Seems reasonable to me.

 

Up to a point, Lord Copper. My dad had the same robust, grown-up attitude
about the 'normal' business, but he did join in the fighting-fund over some
of the more outrageously criminal activities and syndicates. Dealing with
that gave him a lot of fun in his last years.

What stank was the way the insiders roped people in during the mid-80s,
knowing the way the whole thing was about to collapse, and then quietly
retired - leaving the newbies with all the liabilities. They even created
the concept of 'mini-names', with a reduced capital requirement, to spread
the net. I was very heavily pressured to becme a name - which did, at
least, provide a number of lavish free dinners - but [thank all the gods]
refused to be flattered into doing so. The more blatant the persuasion, the
more I became suspicious of the smarmy rascals. Immensely helpful at the
time was the vivid recollection that an old girlfriend's most depressingly
stupid brother had become ... yes, you've guessed ... a Lloyds underwriter.

 

Except that he doesn't understand the first thing about how the Lloyds
names system works.

 

fair enough, neither do I - I was just pointing out Murray's lack of
logic.

 

Cor - Salad Dodger, eh - apparently he loves a pie or two.

 

Actually I would say I know more about it than is healthy for a
disinterested outsider, my understanding is that due to the cooperative
nature of the thing if one syndicate can't payout due to insolvency the
central fund picks up the tab. In a reasonably catastrophic event like
a big earthquake in New York [1] several syndicates would go down and
the central fund would have to pass the hat round so hard that other
syndicates would fold eventually taking the central fund with it. Most
of the big underwriters have a Lloyds and an external company, the
Lloyds shop is a good front of house sending a lot of the really sweet
deals to the external company while retaining the more risky ones and
the ones that need to stay for regulatory reasons, apparently Lloyds
allows you to gear you capitol more heavily than anywhere else in the
world, which in a really big event, [2] would cripple it and it's
investors, be they willing ones such as the names and shareholders [3]
or unwilling as their banks.

[1] yes it's on a fault and the buildings aren't built to code, but it's
a high severity low probability event.

[2] according to some insiders I know it wouldn't have to be that really big

[3] which by the way TOG I wasn't suggesting we should get our hankies
out and blub for although I do agree with Logorrhea that the miss
selling and miss representation was scandalous, towards the end it was
no longer viewed as a punt [4]. I thank god [5] that my Dad was always
sufficiently in debt that when they asked him all he had to do was point
out his circumstances and ask for a fiver, they'd gone in puff of tyre
smoke.

[4] buy the gullible, stupid or miss guided.

[5] actually I thank drink and farming.

--
Bob
Currently borrowing a black and red Yamaha XJ750 with fuel injection
Present: Honda XL125RF (FS)
Past: Honda CG125
bob at homeurl tomato dot co dot uk
remove the red fruit if you’d like to email me.

 

I've heard on the grapevine that you wear...


....specs.

 

Well other than the fact than I was angling a bit, people who keep at least
some money in the bank usually also keep some in their pocket, but never
mind.

 

Fairy nuff. My error. Sorry.