Wednesday, Feb 11, 2009
The rot goes higher and higher
Telegraph: HBOS whistle-blower: I warned FSA about bank risks
Will he be found dead on Hampstead Heath next weekend, full of painkillers, ulnar artery cut with his own pocket knife? "The regulator of all financial services providers in Britain, ignored his pleas because they wanted a "quiet life". "
Posted by paul @ 08:09 AM (675 views) Add Comment
19 Comments
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1. a saver said...
Well that sounds about right for this country- the guy who warns the bank and FSA about bank risks gets sacked, while bankers get whopping bonuses and their chiefs get knighted for services to the country. Then even when it's become obvious that their incredible stupidity has made them totally insolvent, who does our PM turn to for advice - the people who got us into this mess in the first place! And what did they recommend - well, bailing out the banks of course! You couldn't make it up!
I am starting to warm to the suggestion that we should have let the banks go to the wall and bailed out the savers. The banks seem like a bottomless pit.
2. mountain goat said...
The people who did not see this coming are still in power and trying to keep the rotten ship afloat with future taxpayers money. The whole lot need to be replaced, talented bankers, BoE members, the FSA and the government.
3. paul said...
Will any media outlet have the guts to follow this story to where it is likely to lead?
Stuff like this is unearthed all the time, but very few will follow it back to the source of the corruption.
The last time this happened was the cash for questions row, which went all the way to the top but stopped short of incriminating the truly guilty. Will Crosby have to take the fall to save Brown's thick skin?
4. Dbc Reed said...
The banks were given a clear warning by the Barings bust in 1995.Ten years later the papers were moralising about Nick Leeson's conduct as a kind of commemoration.The wider point that senior management did n't look too closely while the bonuses were rolling in was soon forgotten.
5. Crunchy said...
1. a saver said...The banks seem like a bottomless pit.
crunchy-My account would be a bottomless pit if someone was stupid enough to keep pumping dosh into it.
Stupidity or a cunning plan?
6. 51ck-6-51x said...
If anyone sees this man begging on the streets give him as much as you can afford.
7. p. doff said...
IMHO It's all part of the latest Government diversionary tactic of pointing the finger of blame solely towards bankers; even Prescott has been called upon to assist. Brown actively promoted light touch regulation, and this guy was (rightly) putting the agreed cosy policy at risk.
People who are perceived as trouble makers are eradicated. Brown nosers, yesmen and those who promote the company line are rewarded.
8. troy said...
p.doff "even Prescott has been called upon to assist"
yup he even defender blair on BBC this morning
9. mrmickey said...
I think it should be enjoyed as the panto it is aimed at the like of us.
10. icarus said...
There are no bonuses for his kind of talent.
11. bluebeach said...
You're right Paul @ 3, the press need to chase this story right to the toxic trough..... even if it brings the whole rotten pack of government scummers down...
12. stillthinking said...
So the banking heads knowingly ran their own banks into the ground. I don't see the UK government doing anything about this, but I can imagine the (ex)shareholders might.
They have the concentration guard excuse of following Brown's leadership.
13. p. doff said...
10. stillthinking said...''So the banking heads knowingly ran their own banks into the ground.''
I wouldn't say that exactly. It would be like killing the goose that laid the golden egg, or the parasite killing it's host. More likely they were caught up in their own apparent success - reinforced (herd fashion) by the general consensus at board meetings, had an inflated opinion of their own abilities, and believed it was 'different this time'. They simply did not want to hear anything to the contrary, so the few dissenting voices would have been derided as nonsense so that the party could continue. It does worry me however that after Crosby fired the whistleblower, he allegedly replaced him with an inexperienced person. Now what's the connection again? Crosby - Sir - FSA - Gordon Brown - light touch.
My goodness, this conspiracy theory thing is contageous.
14. layers said...
Surely this it the 'smoking gun' that proves that there's a deliberate conspiracy within the banking fraternity and government to enrich those on the 'inside' at the expense of the ‘useless eaters’? How could there not be.
Don't forget also, that (if true, and it certainly seems so) Charles Dunstone being Chairman of the Retail Risk Control Committee whether he said that he had no real idea of how to fulfil his role, he still had no experience of Retail Banking and was a pal of Hornby's. Talk about a cosy club! Or was he deliberately chosen because of his lack of knowledge, thus wouldn't ask questions, ensuring that the 'piggies' troughed as much as possible before the party finished?!
The problem with this is that the whole system has failed, is bankrupt and needs to be rethought, not 'business as usual' through tax-payer bailout and belly-aching over who was more culpable or not!!
15. phdinbubbles said...
@paul
"Will Crosby have to take the fall to save Brown's thick skin?"
Crosby's just resigned.
16. shipbuilder said...
Deliberate conspiracy or just good, old-fashioned greed, arrogance and crony capitalism? Things have always been cosy at the top. To see it as a 'deliberate conspiracy' is to be willfully ignorant or lack understanding of the old boy's networks and so on that have always existed in the corridors of power. Either way, how do we put a stop to it?
17. Crunchy said...
16. shipbuilder
How you can rate a conspiracy is beyond me.
It is or it is not.
18. shipbuilder said...
So it isn't. Jobs for the boys and greed is not conspiracy.
19. Crunchy said...
18. shipbuilder
Greed and conspiracy go hand in hand.
It is a question of degree.