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FSA bombshell changes everything for ex-HBOS directors Crosby, Stevenson and Cummings

March 10th, 2012 Yesterday was an extraordinary day in the world of banking. First we had confirmation from Barclays, Lloyds Banking Group and Royal Bank of Scotland that they are doling out obscene sums in bonuses to executives, even as performance flags and share prices plunge. Then we had the ridiculous saga of the IDSA determinations […]

March 10th, 2012 | Posted in Blog | Read More »

The secrets and lies of Gordon Brown

April 18th, 2010 Gordon Brown’s hypocrisy towards the banking sector knows no bounds. The doomed prime minister recently branded investment bank Goldman Sachs “morally bankrupt” and asked the FSA to investigate. Yet Brown has ignored corruption and moral bankruptcy closer to home. Has he “forgotten” that, eighteen months ago, he was alerted to one of […]

April 18th, 2010 | Posted in Blog | Read More »

The recklessness of Cummings

July 13th, 2009 Speaking on Bloomberg TV, Justin Urquhart-Stewart, director of Seven Investment Management, has described HBOS as being “pregnant with the spawn of Satan” by the time Lloyds TSB saved it from extinction last September. I don’t think he’s far wrong. Most of the damage was done in the corporate lending arm, overseen by Peter […]

July 13th, 2009 | Posted in Blog | Read More »

The extraordinary lapses that caused HBOS’s collapse

May 28th, 2009 Introductory note: An edited version of this article was published on the BBC News website under headline Why did HBOS make risky loans on May 27th, 2009. All the current and former HBOS insiders interviewed for this article did so on condition of anonymity.  Soon after it was formed from the merger of […]

May 28th, 2009 | Posted in Blog | Read More »

At last, an honest banker

March 4th, 2009 “It is as if, too often, people had given up asking whether something was the right thing to do, and focused only whether it was legal and complied with the rules. The industry needs to recover a sense of what is right and suitable as the key impulse for doing business.” These […]

March 4th, 2009 | Posted in Blog | Read More »

“Bling” Crosby’s day of reckoning

By Ian Fraser Published: Sunday Herald Date: February 15th, 2009 This charade of apology is a diversion from bankers’ role in financial destruction EDITH Piaf’s “Non, Je Ne Regrette Rien” seems to be the theme tune for Britain’s banking fraternity right now. The unfab four – Lord Stevenson, Andy Hornby, Sir Tom McKillop and Sir […]

February 15th, 2009 | Posted in Article Library | Read More »

Howard’s unorthodox riding style may yet cripple the black horse

December 12th, 2008 HOWARD Brown, the Halifax teller-turned-minor celebrity,  risks crippling his new steed, Lloyds TSB’s black horse, with his cavalier riding style. HBOS’s trading update this morning is scary stuff. In what appears to be an exercise in “kitchen sinking”, HBOS has revealed that its balance sheet is in a far more perilous state […]

December 12th, 2008 | Posted in Blog | Read More »

Sir George on Robert Peston: he’s a Treasury puppet and it’s a disgrace

November 16th, 2008 Sir George Mathewson clearly doesn’t think too highly of the BBC’s business editor Robert Peston, who was lampooned in Silly Money, tonight’s Bremner Bird & Fortune programme. In an interview with Gillian Bowditch (Mathewson: Riding to the rescue of HBOS) published in today’s Sunday Times, the former chairman and chief executive of the Royal Bank […]

November 16th, 2008 | Posted in Blog | Read More »

How Lloyds’ advisers clashed with HBOS’s at 3am and nearly scuppered Brown’s rescue

October 18th, 2008 Last weekend, two brawling investment bankers nearly brought down the entire capitalist system. As the finishing touches were being put on the “Brown bailout” — which involves the nationalisation of three of Britain’s banks and whose supposed success has caused a spring in Gordon Brown’s step in recent days — well-padded bankers […]

October 18th, 2008 | Posted in Blog | Read More »

Can politicians really make banking leopards change their spots?

By Ian Fraser Published: Sunday Herald Date: October 12th, 2008 MARKETS IN MELTDOWN: The UK government’s £500 billion bail‑out could backfire by giving banks licence to continue their reckless behaviour and preserve an outdated banking model. By Ian Fraser LAST WEDNESDAY, the British government took a massive punt on the future of the British banking […]

October 12th, 2008 | Posted in Article Library | Read More »