Eric Daniels, the embattled CEO of Lloyds Banking Group, has got some explaining to do.
His decision to buy HBOS last year has saddled the newly formed group with £10 bn of losses and the prospect of plenty more to come.
So the announcement of Lloyds' 2008 results this morning gave Daniels the chance to do just that.
Among other things, he said: 'We are buying the business in the down part of the economic cycle, at a significant discount to book value, which increases the chances of value creation.'
Now, statistically, Daniels is on the right track.
A survey by the Boston Consulting Group reports that deals made in a downturn tend to outperform the market over two years, while upmarket acquisitions on average underperform over the same period.
But, given HBOS' massive exposure to the UK housing market, which continues to tank, I'm not sure investors will be reassured.