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“We’re creating a Great British bank”

In Blog by Ian Fraser4 Comments

10 November 2009 One of the great unanswered questions about Lloyds TSB’s rescue takeover of HBOS which, despite the claims made in the above video, is the extent to which the Lloyds board was ‘hoodwinked’ by the board of HBOS. During the heated talks in the Halifax company flat in …

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Moore: banking system cannot be rebuilt without forensic inquiry

In Blog by Ian Fraser2 Comments

3 November 2009 Paul Moore, the whistleblower who was personally fired by HBOS chief executive Sir James Crosby for raising red flags about the bank’s sales-mad culture, appeared on Channel 4 News earlier this evening. Moore, whose testimony provided welcome relief from the disingenuous claptrap we heard from guilty bank …

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Smooth criminals?

In Blog by Ian Fraser4 Comments

15 October 2009 Despite their carefully choreographed performance at the Treasury Select Committee in February the “unfab four” (the chairmen and chief executives of RBS and HBOS at the time they went belly up) didn’t actually apologize or display any contrition for anything they had done. According to new research …

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Jim Rogers: failed banks should have gone to the wall

In Blog by Ian Fraser0 Comments

14 July 2009 Did the UK government have to bankrupt our economy by bailing out dysfunctional banks such as Royal Bank of Scotland and HBOS? It’s a question which has been intriguing me since prime minister Gordon Brown won plaudits for rescuing the banks in October 2008 and one to …

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Are ‘Big Four’ accountants a waste of space?

In Blog by Ian Fraser4 Comments

Updated 5 April 2009 From the evidence submitted to the Treasury Select Committee’s inquiry into the banking crisis, one might conclude that the profession of accountancy as practiced in the UK is past its sell-by date, clinging to the vestiges of power and influence by its fingernails and in urgent …

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Time to audit the auditors — and especially KPMG?

In Blog by Ian Fraser3 Comments

8 January 2009 The House of Commons Treasury Select Committee is to cross-examine representatives of the audit profession later this month as part of its investigation into the banking crisis — and it is not before time. At the January 28 session, senior accountants will be grilled over their role …

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HBOS: The crash landing

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 21 September 2008 It was at a lavish party at Spencer House, the opulent former London residence of the family of Diana, Princess of Wales, that HBOS’s fate was sealed. Sir Victor Blank, the city grandee who has been chairman of Lloyds TSB …

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The end of HBOS

In Blog by Ian Fraser0 Comments

17 September 2008 Picture: Amelia Calvert HBOS — created from the expedient merger of Halifax and “Governor & Company of the Bank of Scotland” in September 2001 — is in its death throes. If the BBC’s business editor Robert Peston is to be believed, the bank is about to be …

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This blog is One and other stuff

In Blog by Ian Fraser2 Comments

7 July 2008 Dear Reader, This blog is now one year old. It’s been enormous fun writing the 58 entries to date — just over one a week — over the past 12 months and thank you for all the feedback received so far. Since I started this exercise on …