Tuesday, Feb 10, 2009
More evidence of the reckless stupidity and ignoring dangers in the British banking system
Times online: HBOS sacked and gagged bank risk whistleblower
"HBOS sacked and gagged a senior executive who four years ago warned the board of the bank they were taking excessive risks, according to explosive evidence revealed in Parliament this morning." - They sacked their senior risk assessing executive, then when he took them to an industrial tribunal and won they made a gagging order part of his settlement. Still, it's not like the banking system and the property market has suffered, is it?
Posted by shining wit @ 12:58 PM (914 views) Add Comment
21 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. james stephenson said...
People can be imprisoned for not paying council tax.
Will these people get away with bringing an economy to it's knees?
2. shipbuilder said...
Only the little people and scapegoats get punished.
3. paul said...
George Mudie was the only member of the committee who showed any balls in pestering HBOS numpty Hornby and Lord Stevenson on this.
Sacking the head of risk (with previous FTS100 risk experience) and replacing them with a sales director with no risk experience? That whole incident stinks to high heaven.
4. shining wit said...
"due care and diligence" - How can sacking the chief risk executive who warns that the risk is becoming too great, putting a gagging order on him then replacing him with an unqualified yes man (woman) be "due care and diligence" ?
And exactly where is the serious fraud office with regards to this?
Perhaps we should all email them - www.sfo.gov.uk
5. titaniccaptain said...
It makes you wonder............corruption and conspiricy go hand in hand......I will leave the rest to your imagination
6. japanese uncle said...
Why not classs action by the stakeholders?
120% clear breach of fiduciary duty
7. little professor said...
Mudie I felt was just making petty points - asking what type of fine malt whiskey they drank at their boardroom meetings for example. Yes it's nice to see the bankers squirm, but he should have been tackling them on the real issues.
8. bidin'matime said...
They've given up on capaitlism and reverted to their innate socialism - we'll have five year tractor plans next.
9. bidin'matime said...
Webmaster (or anyone..) - can you tell me why when I open the comments for an article, it merrily adds a post that I put in last week?? I have got a new computer, so maybe it's not settled down yet...
10. need-a-crash said...
Civil Unrest is the only answer. I can't believe no-one cares enough to punish these people and stop on-going bonuses!
11. will said...
I'm an aetheist, but Ihpoe there is a Hell.
12. troy said...
SEC's top enforcer to leave agency
Rachelle Younglai and John Poirier
Reuters
Mon, 09 Feb 2009 12:30 UTC
Washington - The Securities and Exchange Commission's top enforcement official, Linda Thomsen, will resign, the agency said on Monday, less than a week after a congressional panel chastised her for failing to follow up tips that might have uncovered Bernard Madoff's alleged $50 billion fraud.
http://www.sott.net/signs/list_by_category/3-Grand-Theft-Economics
13. troy said...
U.S. Too "Politically Frightened" to Admit Truth About Banks
Aaron Task
Associated Press
Tue, 10 Feb 2009 05:20 UTC
The next phase of the bank bailout plan presented by Treasury Secretary Tim Geithner (now slated for Tuesday) is expected to be multi-faceted but missing one key element: An admission by policymakers that major U.S. banks are insolvent.
There are two explanations why the Obama administration (like its predecessor) refuses to even acknowledge this possibility in public, says Martin Wolf, chief economics commentator for The Financial Times:
One, policymakers have better information than private economists and really believe the big banks aren't insolvent, i.e. they continue to view the crisis as a "liquidity problem," and believe so-called toxic assets will return from their currently "artificially low" levels once confidence is restored.
Two, policymakers "are not prepared to admit the truth" because it means existing shareholders and bank managements will be wiped out. It also means "admitting total failure" of efforts to date to stem the crisis, says the author of Fixing Global Finance.
http://www.sott.net/signs/list_by_category/3-Grand-Theft-Economics
14. shining wit said...
bidin'matime @ 9
What browser and op system do you have.I suspect that you have an automated form filling system kicking in, probably with a automatic password filling function. Probably your browser.
15. rm96696 said...
Maybe this is why HBOS is keeping andy hornby on as a "consultant" and 60000 per month. The government want to learn from him how to pump up mortgage lending with utter disregard for the risks.
16. titaniccaptain said...
@bidin'matime
Computer problems eh?,,,,,,,,Try lying it on its back and tickling its tummy...always works for me
17. amjidk said...
so they say sorry and that's it, what a joke
18. Dan said...
600 politicans. 65 Million of us.
Anyone else thinkin what Im thinkin?
19. titaniccaptain said...
@amjidk
If thats a sorry im King Walter the great of Newport, Gwent
20. troy said...
tc ~~~~ no you're not malct is,
er or was it nooneo?
nooneo, nooneo, where fart art thou nooneo?
or some such shakealegg noonsense
21. shining wit said...
I'm actually Sir James Crosby, Knight of the Realm, friend of the labour party and a jolly good Yorkshireman. Now bugger orf and leave one alone you yoiks, One has a phone call to make to the PM. Apparantly he has a new investigative position for me, a new report to write with a fat wodge of spondoolicks for a couple of days work, something about a sound and long running very stable building society that turned into a bank and went then went belly up. What a larf.