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Idea banks can be trusted to police themselves ‘one of most dangerous of modern times’

October 20th, 2012 (updated October 31st, 2012) On January 1st, 2008, some bright sparks at the FSA decided it was appropriate to grant Advanced Internal Ratings Based (AIRB) status to both Royal Bank of Scotland and HBOS. In doing so, the Canary Wharf-based regulator was effectively giving the two Edinburgh-headquartered banks carte blanche to calculate the […]

October 27th, 2012 | Posted in Blog | Read More »

Simon Carswell: Inside Ireland’s, and probably the world’s, worst bank

September 24th, 2012 I’m half way through Simon Carswell’s Anglo Republic: Inside the bank that broke Ireland, and it’s a gripping read. In the book Carswell, finance correspondent of the Irish Times, describes how, from small beginnings, Anglo Irish Bank became a highly leveraged bet on the future of Ireland’s increasingly unsustainable property market, became a […]

September 24th, 2012 | Posted in Blog | Read More »

It’s time the FSA learnt the lessons of Hillsborough. Eventually the truth will out

September 17th, 2012 (Updated 11.25am) (edited Dec 16th 2012) Studiously ignoring the roles of “establishment” figures like Sir James Crosby and Lord Stevenson in the demise of disastrous Edinburgh-based bank HBOS, the Financial Services Authority is seeking to heap all the ordure on the less establishment Peter Cummings. Now I am not suggesting that Cummings is […]

September 17th, 2012 | Posted in Blog | Read More »

McColl and Hunter attack FSA’s ‘disgraceful’ treatment of HBOS’s Cummings

By Ian Fraser Published: Sunday Herald Date: September 16th, 2012 High profile figures say banker Peter Cummings has been made a scapegoat (Note: This is a longer version of an article published as the lead business story in the Sunday Herald on September 16th, 2012) Jim McColl, Scotland’s highest-profile business figure, has added his weight […]

September 16th, 2012 | Posted in Article Library | Read More »

Peter Cummings: The FSA’s approach is ‘tokenism at its most sinister’

September 12th, 2012 (updated 9.45am September 13th) Here’s a statement issued this afternoon by the former HBOS director Peter Cummings, in the wake of today’s 92-page Final Notice from the FSA. For once, I agree with some of what Cummings says, especially about the FSA’s failure to bring other HBOS board directors — including its former chief […]

September 12th, 2012 | Posted in Blog | Read More »

Let’s emancipate ourselves from financial slavery

August 7th, 2012 By Paul Moore Ian Fraser’s introduction: Paul Moore, the ‘HBOS whistleblower’, has launched a new organisation, the New Wilberforce Alliance, which aims to free the world from the modern-day slavery caused by the financialisation of our culture that took root in the 1980s. Here, Moore explains how the recent revelations of rampant […]

August 7th, 2012 | Posted in Blog | Read More »

Corruption allegations, major fraud inquiries, links to pornographic magazines … and a luxury yacht. Welcome to the world of banking 2012

By Ian Fraser Published: Sunday Herald Date: July 22nd, 2012 Editorial note: This is a more detailed and complete version of an article published in the Sunday Herald on July 22nd, 2012. Police are poised to press charges against several HBOS bankers and consultants after a two-year investigation into large-scale fraud, money laundering and corruption […]

July 22nd, 2012 | Posted in Article Library | Read More »

Loss of trust

By Ian Fraser Published: Signet Magazine Date: July 16th, 2012 (minor edits March 28th, 2013) Scottish banking was once renowned for prudential management. Today the association is rather different. Financial journalist Ian Fraser gives his view of events behind the collapse of RBS and HBOS and calls for a Leveson-style inquiry. PDF version of this […]

July 16th, 2012 | Posted in Article Library | Read More »

Adam Posen: it’s time the UK stopped “fetish-ising” its banks

July 12th, 2012 The American economist Adam Posen, a member of the monetary policy committee of the Bank of England, recently told a conference in Edinburgh that it’s high time the UK lost its “bank fetish” and stopped treating banking as strategic industry. He said we need counter-cyclical taxes on real estate and that we must […]

July 12th, 2012 | Posted in Blog | Read More »

Paul Moore: I can clear out Barclays’ ‘Augean Stables’

July 10th, 2012 Paul Moore, the ‘HBOS whistleblower’, has put himself forward as Marcus Agius’s successor as chairman of Barclays. Moore first put himself forward for the role last Wednesday (July 4th) and is now proposing a formal manifesto of change for Barclays, with a view to cleaning up the scandal ridden bank in the wake […]

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