John Waples says Lloyds (LYG) is a bust bank being propped up by the U.K.: "Meryvn King,...

|About: Lloyds Banking Group plc (LYG)|By:, SA News Editor

John Waples says Lloyds (LYG) is a bust bank being propped up by the U.K.: "Meryvn King, governor of the Bank of England, revealed for the first time last week that at the time of buying HBOS, it was being propped up by an emergency £25B loan... What he failed to say was that the Bank is still providing loans, possibly as high as £100B - and without it, Lloyds cannot exist." Shares -4.2%.