Tuesday, Apr 13, 2010
Northern Crock was cooking the books
Guardian: Former Northern Rock boss fined £500,000 for misleading City
The former deputy chief executive of Northern Rock has been fined £504,000 and banned from serving on the board of another UK bank after misreporting the number of mortgage customers who had fallen into arrears. The Financial Services Authority imposed the fine on David Baker after he admitted making misleading statements to the City over the state of Northern Rock's loan book, in the months before the bank collapsed into public hands. His actions meant that nearly 2,000 customers were excluded from the data, disguising how many had missed mortgage payments.
Posted by quiet guy @ 01:21 PM (834 views) Add Comment
4 Comments
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1. waitingfor hpc said...
but i thougth this was a sound bank just stopped by the nasty credit crunch??
2. Daopig said...
As a shareholder that tried to profit from bailing them out, after the Goldman S. shark attack, I lost several thousand pounds. Were all shareholders culpable too?
3. mr g said...
£504k? Small change to someone like Baker.
4. tenyearstogetmymoneyback said...
Daopig said...As a shareholder that tried to profit from bailing them out, after the Goldman S. shark attack, I lost several thousand pounds
I would have thought that on the basis of this information the shareholders would have a right to sue Northern Rock (not that there is anything there to pay out).