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Lloyds Banking Group £13 Billion Loss - Toxic Legacy Of Former Hbos Executive Peter Cummings

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Lloyds Banking Group, which booked £13billion in writedowns in its first-half results, is feeling further pain from the toxic legacy of former HBOS executive Peter Cummings....

Around one in every 15 of HBOS's corporate investments have turned sour.

Most were made under the leadership of Cummings, the sacked head of corporate lending, who had built a reputation as banker to the stars of the business world.

The former tea boy chucked cash at collapsed Icelandic retailer Baugur and former property billionaire Robert Tchenguiz, who has seen his fortune destroyed.

Why isn't this guy being SERIOUSLY investigated? And Prosecuted?

Read more: http://www.dailymail.co.uk/money/article-1...l#ixzz0PLJc9oTY

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Why isn't this guy being SERIOUSLY investigated? And Prosecuted?

Too many politicians, 'Captains of Industry' BoE FSA etc implicated in the plot. That's why.

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didnt they support Grant Bovey?

maybe these are deals that have paid bonuses on profits that are yet to materialise.

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Why isn't this guy being SERIOUSLY investigated? And Prosecuted?

Read more: http://www.dailymail.co.uk/money/article-1...l#ixzz0PLJc9oTY

I've met him he's not evil just a muppet who was easily seduced by glamorous businessmen.

He made a fortune for the bank when he originally backed Philip Green he, and everyone else, thought he had the midas touch, turns out he didn't. In any case, it wasn't powerful enough to repel Gordon Brown's anti-midas touch.

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The money hasn't disappeared. Someone has it. Who?

The focus must have been perhaps a few hundred people max who were given tens or hundreds of millions of other people's money.

Of all the banksters that need to be investigated, this would be a good starting point. The fact the FSA are busy with diversionary tactics fining one-off small advisors £10k here and there and making up nonsense about possible future rules they'll never implement (Turner is a shill) and the SFO don't give a monkeys is clear evidence of a cover up at the highest level.

One of the biggest frauds ever against the British people by a handful of banksters and politicians, just like Iceland, and they'll all get away with it with their pensions intact because parliament (all of it) is in the pocket of these VIs.

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I've met him he's not evil just a muppet who was easily seduced by glamorous businessmen.

He made a fortune for the bank when he originally backed Philip Green he, and everyone else, thought he had the midas touch, turns out he didn't. In any case, it wasn't powerful enough to repel Gordon Brown's anti-midas touch.

I can remember Andy Hornby's "emperor has no clothes" moment at shareholders meetings prior to the HBOS rights issue, when an a small shareholder cornered him (shown recently on Al JaBeeBa) . It was clear then, he was out of his depth. Hornby has been rewarded with a nice stint as Boot's CEO.

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