Bank boss no hero

I refer to the adulation being heaped on the head of Lloyds Banking Group chief executive Eric Daniels from all sides of the media (your report, 5 August).

Anyone could be forgiven for thinking that Lloyds TSB had never made a profit in its entire history, and that this "financial giant" has guided the group to the impossible.

Now, I accept that people have to move on, and that what is in the past can not be easily altered, and yes, Lloyds Banking Group has moved back into profit. However, it should never be forgotten, that Daniels was one of the principal causes of the debacle in the first place.

In your article, he boasts that the taxpayer is sitting on a 3bn profit. What he avoids speaking about is the staff who built Lloyds TSB and the long-term shareholders. They are not sitting on any profit - the derisory share price represents a massive loss for many staff, throwing their financial planning into meltdown.

What interest Daniels now are the "carpet baggers" who held not a Lloyds TSB share until the 2009 rights issue was mooted. This allowed many individuals to buy shares at circa 90p, get immediate access to the rights issue, and so bring their average purchase price to circa 58p. These "carpet baggers" who suffered no loss from the acquisition of HBOS, sit in comfort as the share price rises. Those who held shares at the time of the acquisition sit holding their head in their hands - and will do for many years to come

ALAN CROMBIE

Almond Way

Glenrothes, Fife