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Hbos Investigation 'whitewash'

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http://www.heraldscotland.com/business/corporate-sme/whistleblower-hbos-probe-a-whitewash-1.1080133

Whistleblower:HBOS probe a ‘whitewash’

Paul Moore, the former senior HBOS official who turned whistleblower, has cast doubt on the rigour of the Financial Services Authority’s ongoing investigation into the collapse of the Edinburgh-based bank.

“There could not possibly have been any sensible investigation by the FSA into the failures at HBOS without my involvement,” said Moore, formerly HBOS head of group regulatory risk. “But I have not been approached.”

He said the FSA’s HBOS investigation, after that of RBS, is likely to be “another attempted whitewash”. Referring to Sir James Crosby, pictured right, the former HBOS chief executive who was also deputy chairman of the FSA, he said: “You cannot expect a conflicted and disgraced regulator, or a conflicted and disgraced accountancy firm, to produce a proper inquiry into a disgraced bank.”

The FSA is said to have outsourced its HBOS probe to accountant Ernst & Young, currently accused of irregularities in auditing collapsed US bank Lehman Brothers. Moore added: “Ernst & Young are inherently conflicted. They do not want to find against anyone … for fear of jeopardising future fees.”

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“But I have not been approached.”

There's a good reason for that - they didn't want to know, because if they were told they would have even more to cover up within their ranks.

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vrr3mw.jpg

The banks are the future

Bob Diamond is worth it

Stop complaining about bonuses and move on

The FSA knows what it's doing

Ernst and Young are respected professionals

Dave and Osborne have only your best interests at heart

Vince Cable is a man of great integrity

RBS did nothing wrong

HBOS didn't take unreasonable risks

:lol::lol::lol:

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One way Cameron could tackle the bankers, would be by reforming the professionals and by tightening accountancy standards.

Of course he won't though, as he's as conflicted as Ernst & Young,

Total breakdown in professional ethics IMO, and the whole corporate governance thing, looks like window dressing.

Looks as though it will take another blow up before anything is done. If the rumours are correct that the banks are blowing bail out money on asian property speculation, we might not have to wait too long.

Edited by Sir John Steed

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We are a banana republic.

I think that's a very fair comment actually. Corrupt on all levels, pretty bad really. Will "something" be done about it. If the voting system

was changed, maybe.

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I think that's a very fair comment actually. Corrupt on all levels, pretty bad really. Will "something" be done about it. If the voting system

was changed, maybe.

Nope just window dressing. Indeed will be the Westminster circus's dream ticket. However you vote, they will decide behind closed doors who will give the appearance of governing and running the pretend Parliament. The puppet show/distraction in Westminster doesn't make a whole lot of difference any more.

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It was always a bit of a strange idea, to get the FSA to do this report.

After all, if the FSA had done their job properly, half of the employees at HBOS would be residing at Her Majesty's pleasure for all those fraudulent liar loans, backed up by false accounting. To reveal the crimes would be to call out the FSA for at best, incompetence, at worst complicity. If the FSA had been honest enough to point the finger at themselves, they wouldnt have let HBOS steal and plunder its way through the UK economy in the first place.

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I think that's a very fair comment actually. Corrupt on all levels, pretty bad really. Will "something" be done about it. If the voting system

was changed, maybe.

"Banana split first attested 1920.

Banana oil = "non-sense" slang from c.1910."

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Examining HBOS.

A recent debate in the House of Commons has highlighted the behaviour of Lynden Scourfield, Bank of Scotland Corporate’s director of high-risk for South-east England. The debate followed a BBC Radio 4 ‘File on 4′ investigation into the scandal allegedly perpetrated by Scourfield (you can listen to the File on 4 programme, which I helped to make and which first broadcast on Radio 4 on May 26th 2009, on BBC iPlayer).

The parliamentary debate focused on the way in which Scourfield forced scores of BoS’s business customers to use the services of self-styled “turnaround consultants”, Quayside Corporate Services, a firm belonging to former Lombard North Central executive David Mills. In many instances Scourfield made contined support conditional on the appointment of Quayside personnel onto their boards as directors with full fiduciary powers.

Read all here: http://www.ianfraser.org/examining-hbos/

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Examining HBOS.

A recent debate in the House of Commons has highlighted the behaviour of Lynden Scourfield, Bank of Scotland Corporate’s director of high-risk for South-east England. The debate followed a BBC Radio 4 ‘File on 4′ investigation into the scandal allegedly perpetrated by Scourfield (you can listen to the File on 4 programme, which I helped to make and which first broadcast on Radio 4 on May 26th 2009, on BBC iPlayer).

The parliamentary debate focused on the way in which Scourfield forced scores of BoS’s business customers to use the services of self-styled “turnaround consultants”, Quayside Corporate Services, a firm belonging to former Lombard North Central executive David Mills. In many instances Scourfield made contined support conditional on the appointment of Quayside personnel onto their boards as directors with full fiduciary powers.

Read all here: http://www.ianfraser.org/examining-hbos/

Having read that article and others it appears that as long as fraud is institutionalised then it isn't crime. However there will come a point when the banks start defrauding each other, much like the mafia.That corporate cannibalism was what forced American politician to change position. They knew that they'd been able to ignore a certain amount of fraud but the financial sector was about to turn on itself and that would lead to a depression far greater that the thirties.

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Having read that article and others it appears that as long as fraud is institutionalised then it isn't crime. However there will come a point when the banks start defrauding each other, much like the mafia.That corporate cannibalism was what forced American politician to change position. They knew that they'd been able to ignore a certain amount of fraud but the financial sector was about to turn on itself and that would lead to a depression far greater that the thirties.

....with their lack off or inadequate due diligence Lloyds Bank were sold a dummy with HBOS....the Gordo 'Nuliebour' Government 'assisted' the merge / takeover....and Lloyds were damaged .....was this 'all above water'....it certainly sunk soon after....we really need to know what Lloyds failed to discover before 'doing a deal'...... :rolleyes:

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....with their lack off or inadequate due diligence Lloyds Bank were sold a dummy with HBOS....the Gordo 'Nuliebour' Government 'assisted' the merge / takeover....and Lloyds were damaged .....was this 'all above water'....it certainly sunk soon after....we really need to know what Lloyds failed to discover before 'doing a deal'...... :rolleyes:

Often when reading accounts of the progress of the collapse it's admitted that they didn't know or even understand how up the creek they were / are. Gordon was shocked at the size of the problem and that there was a general lack of knowledge as to how bad the problem was / is. He wasn't bother though as he knew he could just get the public cheque book out if needed. I think his worry was that it was yet again another Scottish bank and he had to consider the political situation. :(

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Often when reading accounts of the progress of the collapse it's admitted that they didn't know or even understand how up the creek they were / are. Gordon was shocked at the size of the problem and that there was a general lack of knowledge as to how bad the problem was / is. He wasn't bother though as he knew he could just get the public cheque book out if needed. I think his worry was that it was yet again another Scottish bank and he had to consider the political situation. :(

G Broon. THE worst PM in all history. THE WORST.

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  • 312 Brexit, House prices and Summer 2020

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      • down 5% +
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