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The secrets and lies of Gordon Brown

In Blog by Ian Fraser5 Comments

18 April 2010 Gordon Brown’s hypocrisy towards the banking sector knows no bounds. The doomed prime minister recently branded the investment bank Goldman Sachs as “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 …

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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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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 …

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Inquiry asks if HBOS misled over rights issue

In Article Library by Ian Fraser1 Comment

By Ian Fraser and Margareta Pagano Published: Independent on Sunday Date: 8 November 2009 A Financial Services Authority investigation into whether HBOS’s former board may have misled investors at the time of the bank’s abortive £4bn rights issue last year could “open the floodgates” to hundreds of civil court actions …

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Examining HBOS

In Blog by Ian Fraser15 Comments

3 November 2009 (first published 9 June 2009) [Note: comments on this post have been disabled and earlier comments from witnesses have been removed as a result of the current Thames Valley Police and Serious Organised Crime Agency investigation and expected trial. Ian Fraser, January 5th, 2011. Minor edits on …

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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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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 …

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The extraordinary lapses that caused HBOS’s collapse

In Blog by Ian Fraser3 Comments

28 May 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 …

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“Bling” Crosby’s day of reckoning

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 15 February 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, …

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Why Crosby must step down from FSA and step down now

In Blog by Ian Fraser3 Comments

10 February 2009 It was a case of “we’re sorry but we’re not to blame” at the Treasury Select Committee hearing on Tuesday morning. The four erstwhile titans of finance got in their “unreserved apologies” soon after proceedings got underway, but any sense of personal culpability had melted away by …