Good morning. I'm on the road much of the day.
The bank bailout continues apace in the UK too, but with a difference; from the Guardian:
The government today confirmed it will take majority control of Lloyds Banking Group, with the taxpayer owning 65% of the voting shares in return for insuring ?260bn of the group's toxic assets.
After days of detailed negotiations the terms of the takeover were announced by the Treasury, with Lloyds making a commitment to lend at least ?28bn over the next few years.
The government is to insure the bank's riskiest loans and in return the taxpayer will up its ownership of the bank from 43% to 65% - rising to 77% when non-voting shares are included.