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The Worst Bank in the World? HBOS’s Calamitous Seven Year Life

Editorial note: June 22nd, 2012 A revised and updated version of this blog is now available via the following link:- The Worst Bank in the World? HBOS’s Calamitous Seven Year Life

May 13th, 2012 | Posted in Blog | Read More »

Revealed: the hornet and the sting which are stopping us learning the truth about the collapse of HBOS

By Ian Fraser Published: Sunday Herald Date: February 26th, 2012 Results released last Friday showed a sea of red ink engulfing the state-rescued Lloyds Banking Group. Trumpeted at the time of its September 2008 formation as the “bank for Britain”, the 41%-taxpayer owned business unveiled annual losses of £3.5 billion for 2011, nearly double those […]

February 28th, 2012 | Posted in Article Library | Read More »

Peter Cummings’ ‘Aladdin’s Cave’

January 31st, 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 by Peter Cummings, who was […]

January 31st, 2012 | Posted in Blog | Read More »

KPMG and the HBOS whistleblower

By Ian Fraser Published: Sunday Herald Date: December 18th, 2011 KPMG was already auditing Halifax when the ex-building society merged with Bank of Scotland a decade ago, and the audit firm took over responsibility for auditing HBOS books from September 2001. The firm fulfilled this function until HBOS had to be rescued via a shotgun […]

December 18th, 2011 | Posted in Article Library | Read More »

The FSA’s cosy deals are a travesty of regulation

By Ian Fraser Published: QFINANCE Date: December 5th, 2011 Ever since its failures as a regulator first became widely apparent with the collapse of Northern Rock in September 2007, the UK’s Financial Services Authority has shown a remarkable lack of enthusiasm for rooting out financial crime, and very little introspection or contrition about its own pre-crisis performance. The reported […]

December 5th, 2011 | Posted in Blog,Latest Articles | Read More »

I’m still in the game, says Murray

By Ian Fraser Published: The Sunday Times Date: May 9th, 2010 The tycoon, whose wealth has shrunk, tells Ian Fraser he has made mistakes but is bullish on the future Sir David Murray is bloodied but not unbowed. He cannot disguise the fact that the past year has been a disaster for him. He was […]

May 9th, 2010 | Posted in Article Library | Read More »

The secrets and lies of Gordon Brown

April 18th, 2010 Gordon Brown’s hypocrisy towards the banking sector knows no bounds. The doomed prime minister recently branded investment bank Goldman Sachs “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 ago, he was alerted to one of […]

April 18th, 2010 | Posted in Blog | Read More »

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

February 27th, 2010 PETER Cummings, former head of corporate lending at HBOS (pictured above), 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 , awarded an annual […]

February 27th, 2010 | Posted in Blog | Read More »

Skulking in Gresham Street

February 26th, 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 correspondent Hugh Pym pointed out […]

February 26th, 2010 | Posted in Blog | Read More »

Bischoff’s £8bn misjudgement over Dubai

December 2nd, 2009 Sir Win Bischoff, the chairman of Lloyds Banking Group and a past chairman of US bank Citigroup, is clearly 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 — Bischoff signed off […]

December 2nd, 2009 | Posted in Blog | Read More »