View Post

Peter Cummings’ ‘Aladdin’s Cave’

In Blog by Ian Fraser0 Comments

31 January 2012 The man who destroyed the Bank of Scotland with a reckless and out-of-control corporate and real-estate lending spree is in the media again. Mortgage Strategy has an article (Living in the age of less reason) which touches on the “pig on pork” or integrated finance model favoured …

View Post

Trust Me I’m A Banker

In Blog by Ian Fraser1 Comment

11 October 2010 BBC Scotland’s Trust Me I’m A Banker will be aired on BBC1 Scotland at 7.30pm tonight. I helped to research the programme and was interviewed for it on whether the Graeme Shankland / Bank of Scotland Integrated Finance deal — which saw the ownership of a troublesome …

View Post

Banking’s Abu Ghraib

In Blog by Ian Fraser11 Comments

3 October 2010 A fourth person has been arrested in relation to Thames Valley Police’s Operation Hornet investigation into “corruption and large-scale fraud in connection with HBOS”. [Note: comments on this post have been disabled and earlier comments from witnesses removed as a result of police investigation “Operation Hornet”. Ian …

View Post

Skulking in Gresham Street

In Blog by Ian Fraser3 Comments

26 February 2010 Lloyds Banking Group, AKA “the most hated bank in Britain“, today unveiled higher-than-expected annual losses of £6.3bn. The Gresham Street-based bank also admitted that bad debts, largely arising from the poisonous legacy of Peter Cummings, HBOS’s former head of corporate lending, soared to £24bn in 2009. As BBC economics …

View Post

Bischoff’s £8bn misjudgement over Dubai

In Blog by Ian Fraser0 Comments

2 December 2009 Sir Win Bischoff, the chairman of Lloyds Banking Group and a past chairman of US bank Citigroup, must be a man who is easily misled. In December 2008, soon after Citigroup was bailed out by US taxpayers — from whom it received a $306bn ‘undisguised gift’ last autumn …

View Post

The bank, the regulator and the Vavasseur fraud

In Blog by Ian Fraser14 Comments

8 November 2009 (first published January 2009) One of the FSA’s roles is supposed to be to protect consumers from being ripped off by crooks and charlatans in the financial world. But the City regulator has in recent times had no appetite for this. Ian Fraser examines the multifarious failings …

View Post

Director’s deal sends Ury sale into the rough

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: The Sunday Times Date: 27 September 2009 Savills unable to sell the estate after former owner granted agricultural tenancy to one of their own directors The estate agent Savills has had to shelve plans to sell the Ury estate near Stonehaven after it emerged the former owner, …

View Post

The recklessness of Cummings

In Blog by Ian Fraser12 Comments

13 July  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 …

View Post

Fears for Kilmartin as Lloyds cracks down on debt

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: The Sunday Times Date: 14 June 2009 Lloyds Banking Group is seeking a radical restructuring of one of Scotland’s largest property developers, Kilmartin Holdings, amid fears that the group may go into administration. Bank of Scotland has lent £250m to Edinburgh-based Kilmartin, founded by Iain Wotherspoon …