Wishful thinking?

Always look on the bright side? The Independent does:

As for taxpayers' equity stake, let us say this: on almost any conventional yardstick, Lloyds' share price today significantly undervalues what is now an increasingly profitable bank – one-off charges aside – with market-leading positions in UK banking and mortgages, and scope for cost savings as the Lloyds-HBOS integration continues.

...

Despite some of the gloomy forecasts being made in the wake of Lloyds' update yesterday, there is still every chance of the taxpayer recouping its investment in the end.

Aye, well. There's an awful long way to go from the current share price of 32.16 pence to the level of over 70 pence required to avoid losses on the Government's investment.