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Lloyds struggles to rationalise Cummings’s toxic legacy

In Blog by Ian Fraser0 Comments

3 June 2010 Lloyds Banking Group is so bamboozled by the toxic legacy of Peter Cummings, the former head of corporate banking at HBOS, that it seems prepared to consider just about anything. Already we’ve seen ultra-forgiving debt write-offs in the case of Remo Dipre’s Gladedale Holdings and Cala Homes, …

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I’m still in the game, says Murray

In Article Library by Ian Fraser2 Comments

By Ian Fraser Published: The Sunday Times Date: 9 May 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 …

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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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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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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 …

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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 …

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Is Lloyds the new Enron?

In Blog by Ian Fraser8 Comments

29 October 2009 Lloyds Banking Group has been given the go-ahead to proceed with a £13.5bn rights issue as part of a wider capital-raising. Given their knowledge of the extent of the challenges facing the bank, were the tripartite authorities (the FSA,  Bank of England and H.M. Treasury) well-advised to …

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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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McColl: Lay off Sir Fred

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 1 February 2009 SCOTLAND’S RICHEST man has rallied to the defence of the bankers blamed for destroying centuries-old institutions and tipping economies into recession – including Sir Fred Goodwin, former chief executive of RBS, and Peter Cummings, former head of corporate banking at …

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Howard’s unorthodox riding style may yet cripple the black horse

In Blog by Ian Fraser1 Comment

12 December 2008 HOWARD Brown, the Halifax teller-turned-minor celebrity,  risks crippling his new steed, Lloyds TSB’s black horse, with his cavalier riding style. HBOS’s trading update this morning is scary stuff. In what appears to be an exercise in “kitchen sinking”, HBOS has revealed that its balance sheet is in …