What was it about HBOS that Lloyds management saw but we missed?
When Lloyds TSB management bought HBOS, just what profitability did they think they were actually buying? The £10bn-£16bn it notched up in 2004 to 2006 or the much more realistic 1997 performance when the bank produced net income of around £1.5bn? Gary Jenkins fears it was the former when it should have been the latter.
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