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They acquired and later sold banking stakes.
Known as "Motorky" (or "Boys") they bought up and sold banking stakes.
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The critical element in the British government's effort to shed its banks stakes is timing.
The government has since sold many of its bank stakes at a considerable profit.
UK Financial Investments, the body that oversees the government's bank stakes, was scrutinising the Lloyds share price throughout August.
The three banks' stakes in Montedison are valued at euro3.2 per share, while smaller shareholders are being offered only euro2.8 per share.
The capital requirement regulations stipulate that banks must hold enough capital to back fully the assets of majorit-owned bank subsidiaries and must back 40percentt of the assets of any non-bank stakes and of minority stakes in bank units.
The change would allow companies like Hynix or Ssangyong Cement to build bank stakes large enough to assure them access to new capital on friendly terms.
The problem was not that bank executives had no skin in the game; in 2006, the managers with the largest bank stakes were Dick Fuld of Lehman Brothers, Jimmy Cayne at Bear Stearns, Stan O'Neal at Merrill Lynch, John Mack at Morgan Stanley and Angelo Mozilo at Countywide.
Icelandic business has expanded abroad, acquiring among other things—a big Russian brewery, a Swedish bank, stakes in some of Britain's big high-street retailers, and a minor British football club.In this section The unions say no.
With UK Financial Investments – the body owning the government's bank stakes – saying it could take years to sell its shareholdings, Lloyds Banking Group closed 1.21p higher at 64.51p and Royal Bank of Scotland rose 0.54p to 36.2p.
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