The first thing to say about Lloyds Banking Group (LSE: LLOY.L - news) 's clawback is that it's not a clawback.

The new, post crisis, clawback rules hitting directors' pay when things turn out to have gone wrong have not been invoked.

Instead, the bank has made an "adjustment" to directors' bonuses, which sets an interesting precedent in itself. But making use of the shiny new clawback rules would have proved too much of a legal minefield and opened Lloyds to challenge. This begs the question of whether we'll ever see the new clawback rules become more than just idle red tape. I fear not.

Anyway, the Lloyds statement makes it plain that the directors affected were having bonuses adjusted entirely on the principle of "accountability" and in no way on "culpability" or "wrongdoing". It was actually done on the grounds of "politics" but this line was missing from Monday's statement. Lloyds is 41pc owned by the Government, don't forget.

Lloyds' version of the blame game is, however, consistent with the questionable legal status of the Financial Services Authority's (FSA) regulation of payment protection insurance (PPI). The

so what LLOY is owned by us tax payers

hal. when did the tax payers own anything .
answer when it is broke and needs money
then when it in profit they pay bonus to the liars and
thiefs running it .

Are you still holding on skinny? Struggling to get beyond the 36p level atm.

Yes - for better or worse atm.

lloys have put out the info about bonuses to cover up the very bad news about to come out more W/D i expect

We should consider that some of the financial services that Lloyds provide is unique. And there is little competition around the world.

The company is undervalued by miles...

The cut in bonuses help other directors act more decisively and look after the business more carefully.. The results isn longer term is 100s of million pound rather than the £1M.

1p down today!

We are all well aware that the banking system is a mess hence shares at .36p. My view for what it is worth is that as a long term investment there has never been a better time to buy in. There are probably clever pundits out there who know better but that is my view.

Prefs moving up. Does the market think the pref dividends are about to be restored?

I thought they had been? Preference Shares

Most have had a good run of late in anticipation.
LLPE LLPC

I hope they do not restore dividend so soon.
they should invest while everything is cheap. imo

Thanks for the link Skinny. I think it says, in essence, that there is no longer a ban on paying the dividends but not that they are necessarily going to restore them. LLPE yield is now 8.4 pc - if it's paid. Should have bought a week ago when it was nearer 10 per cent!

the board of lloys are taking the piss out of investors and customers
3.2b lose on ppi and they take back 1.5m what a bloody joke daniels still walked away with golden parachute and a nice pension pot like the rest of the board
the only losers are the holders . as for the chairman he should of been sacked the day before he was taken on he is a joke

They took the risk, but have not stolen the money.

I think, the cut in bonuses help other directors act more decisively and look after the business more carefully.. The results isn longer term is 100s of million pound rather than the £1M.

not with a sick CEO who is useless

Kevin - I missed entry points on LLPC, LLPE & BBYB, even though they were on my list. I have GACA & GACB and I'm also after SLI - have a look at GLIF.

Skinny - My best holding is in NWBD from way back and, although now a little over par, is still appealing . Like you I have some GACA and I'm toying with CPBC. GLIF looks a bit esoteric. I'll check it out overnight.

i hold LLOY for the long term. is there any merit to buying LLPC/LLPE for the same long term hold or would it be more prudent to buy more LLOY as they are cheaper?
anyone care to voice an opinion.

Alex

gone from 3.2b to almost 4b for ppi and still more claims to sort out