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Is Lloyds the new Enron?

Updated October 29th, 2009 (first published October 9th, 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 […]

October 29th, 2009 | Posted in Blog | Read More »

Soft soaping Sir Victor Blank adds little to sum of human knowledge

August 23rd, 2009 Sir Victor Blank, who has been forced out as Lloyds Banking Group chairman by investors, has spent the weekend trying to exorcise some ghosts and salvage what’s left of his reputation. Blank went on a PR offensive, granting interviews to BBC business editor Robert Peston and Andrew Davidson of the Sunday Times. In […]

August 23rd, 2009 | Posted in Blog | Read More »

The recklessness of Cummings

July 13th, 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 lending arm, overseen by Peter […]

July 13th, 2009 | Posted in Blog | Read More »

The extraordinary lapses that caused HBOS’s collapse

May 28th, 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 formed from the merger of […]

May 28th, 2009 | Posted in Blog | Read More »

“Bling” Crosby’s day of reckoning

By Ian Fraser Published: Sunday Herald Date: February 15th, 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, Sir Tom McKillop and Sir […]

February 15th, 2009 | Posted in Article Library | Read More »

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

December 12th, 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 a far more perilous state […]

December 12th, 2008 | Posted in Blog | Read More »