Who Told Peston?

If as many suspect the Treasury panicked and tipped Peston off about the HBOS bid in order to stem the collapse we could be looking at serious consequences.

This is a clear breach of the Take Over Code:

2.2 WHEN AN ANNOUNCEMENT IS REQUIRED

An announcement is required:—

… when, following an approach to the offeree company, the offeree company is the subject of rumour and speculation or there is an untoward movement in its share price;

when, before an approach has been made, the offeree company is the subject of rumour and speculation or there is an untoward movement in its share price and there are reasonable grounds for concluding that it is the potential offeror’s actions (whether through inadequate security or otherwise) which have led to the situation

It is doubly serious, because he said the price would be near £3, then said it would be nearer £2, millions have changed hands on the basis of false information…

UPDATE : Informed City co-conspirator emails

What is more significant is the fact that at least one city law firm is in the early stages of rounding up plaintiffs among the fund community for an action relating to the price manipulation of HBOS shares this morning.

Peston admitted “over-egging” the price while the panel stood by and the companies made no announcements. No suspension of trading either.

Funds who sustained losses stopping out short positions entered at around 180 – the key level that broke down on volume over the past couple of days, will be placing the blame fairly and squarely with the entirely false idea given cynically to retail punters by the bbc that the price would be set around the 300p level.

This is going to get very interesting indeed.

UPDATE : Peston now says on his blog “I am hearing that this deal has been negotiated at a very high pay grade level, with the Prime Minister, Gordon Brown, talking to Sir Victor Blank, chairman of Lloyds TSB, about how helpful it would be if Sir Victor could bring himself to end the uncertainty hanging over HBOS by buying it.” He also says the deal is an all share deal which, wait for it, will be worth near £3!

UPDATE II : Have just been reminded that Peston wrote Brown’s biography Brown’s Britain.




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

A senior Brexiter:

“If Theresa and Julian have sold us out here they are in real trouble. She reassured us all at the 1922. There is no way she can recover if she has now fucked us over.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Eurotunnel: Don’t Buy Border Scaremongering Eurotunnel: Don’t Buy Border Scaremongering
CCHQ Defaced With Anti-Heathrow Graffiti CCHQ Defaced With Anti-Heathrow Graffiti
Labour Parliamentary Candidate Distances Herself From Rothschilds, ‘Zion Scum’ and ‘Fake Jews’ Tweets Labour Parliamentary Candidate Distances Herself From Rothschilds, ‘Zion Scum’ and ‘Fake Jews’ Tweets
Saj: Time to Review Scheduling of Cannabis Saj: Time to Review Scheduling of Cannabis
Sally Bercow: We’re Not Packing Bags Yet Sally Bercow: We’re Not Packing Bags Yet
Shouty Cracker Lord Moat’s Mask Slips Shouty Cracker Lord Moat’s Mask Slips
Jolyon’s Mystery £100,000 Donor Jolyon’s Mystery £100,000 Donor
Sandbach: I”ll Report Non-Constituents to Police Sandbach: I”ll Report Non-Constituents to Police
How Dominic Cummings Cost Taxpayers £20 Billion How Dominic Cummings Cost Taxpayers £20 Billion
Collins Data Breach Collins Data Breach
Onward to Higher Taxes Onward to Higher Taxes
Meet Love Island DfE Adviser Meet Love Island DfE Adviser
Question Time Runners and Riders Question Time Runners and Riders
Thomas Markle: Harry “Open To” Brexit Thomas Markle: Harry “Open To” Brexit
Watch: AC Grayling Vs Andrew Neil Watch: AC Grayling Vs Andrew Neil
In Full: 103 Resignations Under Corbyn In Full: 103 Resignations Under Corbyn
Banks Legals Verhofstadt Over Putin Tweet Banks Legals Verhofstadt Over Putin Tweet
Hypocrisy of Chuka Hypocrisy of Chuka
Daily Brexit? Daily Brexit?