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What the HBOS fraud tells us about the state of British banking

In Blog by Ian Fraser

8 February 2017 The £1 billion HBOS Reading fraud, my part in exposing it, and what it tells us about the state of British banking   Note: This is a fully revised, updated and extended version of ‘Mafioso bankers and my part in their downfall‘ published in the Sunday Herald on 5 …

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HBOS whistleblower hits back at Crosby claims

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: December 9th, 2012 Paul Moore, the whistleblower whose evidence was key to last week’s hearings of the parliamentary commission on banking, has accused his former HBOS boss Sir James Crosby of “trying to rewrite history” about Moore’s sacking from the Edinburgh-based bank. In an interview …

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Clydesdale’s retreat

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 6 May 2012 It was supposed to be Scotland’s safe bank. What went wrong? By Ian Fraser Call it Cameron Clyne’s ‘Derby’ moment. At a council of war in that East Midlands city in 1745, Bonnie Prince Charlie had to concede that weak …

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Two steps forward … [The trouble with Britain’s banks]

In Article Library by Ian Fraser1 Comment

By Ian Fraser Published: Sunday Herald Date: 8 August 2010 Three years after the onset of the credit crisis, when several British banks narrowly avoided bankruptcy thanks to Government intervention, the prescribed regime of management clear-outs, capital rebuilding, global retrenchment, cost-cutting and a more considered approach to lending is beginning …

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Eric Daniels: still deluded about the HBOS deal

In Blog by Ian Fraser0 Comments

7 August 2010 In an interview with the Sunday Telegraph (not the video interview above) Eric Daniels, chief executive of Lloyds Banking Group, has at last started to talk some sense. Daniels told the newspaper’s business editor Damian Reece that Lloyds TSB did us all a tremendous favour by taking over HBOS …

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Why HBOS’s Cummings should hand back his rewards for failure

In Blog by Ian Fraser3 Comments

27 February 2010 PETER Cummings, the former head of corporate lending at HBOS, is the archetypal ‘fat bloke’ banker. He was handed an astonishing £660,000 pay-off on leaving the bank he helped destroy in January 2009. Worse, the Dumbarton and Marbella resident was also, according to this Daily Telegraph article …

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Daniels claims HBOS disclosures were “thorough”

In Blog by Ian Fraser5 Comments

12 January 2010 Eric Daniels believes Lloyds Banking Group’s disclosures relating to its disastrous HBOS deal were “thorough” and “accurate”. Oh yeah? So why didn’t they mention of the £25bn emergency government loan without which HBOS would have gone bust? Watching the Treasury Select Committee hearing this morning, I was …

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Kane drops a bombshell

In Blog by Ian Fraser0 Comments

3 December 2009 Archie Kane today admitted what everyone else has suspected for some time — that HBOS was bust at the time Lloyds TSB acquired it in September 2008. He told the Scottish Parliament’s economy committee “I think it’s quite clear now that HBOS could not have survived on …

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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 …