Month: October 2012

Question the organ grinders – not just the monkeys

The Financial Times reports that the Parliamentary Commission on Banking Standards has started an inquiry into the 2008 collapse of HBOS. It will call former executives as witnesses and plans for the first time to use legal counsel to cross-examine them.

Read More

The FSA can’t be allowed to get away with this

Am I just too cynical? The Independent confirms what I have been told, that the Financial Services Authority’s report into its own policing of HBOS before the crash will not appear before next summer. By then it will be five years and more after some of the crucial events and too late. The FSA will be gone and the whole thing can be conveniently brushed under the carpet, with platitudes such as “lessons learned” and “time to move on.”

Read More

Are we funding another round of losses?

Surely history teaches us that given freedom, banks will either do something stupid (125%, self-certified and buy-to-let mortgages), evil (manipulating LIBOR) or both (Payment Protection Insurance.)

Read More

Up or down? Crosby bails out of Edinburgh property market.

James Crosby, the man who bailed out as Chief Executive of HBOS in 2006 – two years before the crash – seems to be about to bail out of the Edinburgh property market too, although on this occasion his timing does not look so fortuitous.

Read More

Powered by WordPress & Theme by Anders Norén