Ig winner namesake rescues British financial giant
Lloyds TSB, namesake of LLoyd’s of London, which won the 1992 Ig Nobel Economics Prize, has just rescued one of Britain’s biggest—and shakiest—financial institutions. As reported in the September 18, 2008 Times:
Lloyds TSB confirms £12.2bn rescue deal for HBOS
Lloyds TSB today unveiled the terms of its agreed £12.2 billion rescue of HBOS as it moved to stabilise the financial markets and help bail out Britain’s banking system….
Lloyds TSB and Lloyds of London have no direct connection with each other (we apologize for confusing them in an earlier version of this post—thanks to Nico Chart for alerting us to our error).
Lloyds of London, meanwhile, soldiers on in the War of the Names.
The 1992 Ig Nobel Economics Prize was awarded to “The investors of Lloyds of London, heirs to 300 years of dull prudent management, for their bold attempt to insure disaster by refusing to pay for their company’s losses.” Lloyds recently (September 10, 2008) announced the reassuring news that:
Lloyd’s wins extended civil restraint orders against former Names
The civil restraint orders granted yesterday by the High Court are another significant step towards ending the long running saga of Names’ litigation against Lloyd’s and make it extremely difficult for Names to issue fresh claims against us.