What are LOBO loans?
LOBOs are expensive and high risk loans that have been described by financial experts as “lose-lose bets” with the banks. In 2015, more than 200 local authorities across the UK had LOBO loans totalling at least £12 billion. Since then, councils have successfully exited £1.4 billion worth of loans and another £3.4 billion have been transformed into fixed-rate loans.
The London borough of Newham is one of the worst offenders
All councils are private registered companies trading for profit. They are run by criminals guilty of Misconduct in Public Office and Misappropriation of Public Funds. Support for the corporate councils is support for crime. Council Tax payments are giving money to a corporate 'mafia' engaged in racketeering, harassment & intimidation, extortion, and theft.
At least Liverpool City Council has sought to mitigate the high costs of these private loans by borrowing via the Treasury to pay off the expensive loan and reduce the interest payments.
All the other councils with these private debts can do the same but most refuse. Why? Because they are using the local inhabitants as surety and don't care about the vast sums they are wasting!
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