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Hbos Collapse: Ex-Bosses Face Calls For City Bans

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http://www.bbc.co.uk/news/business-22027664

The Banking Standards Commission has asked financial regulators to consider whether three top HBOS bankers should be barred from future roles in the financial sector.

It said former bosses Sir James Crosby and Andy Hornby were largely to blame for the collapse of HBOS, then the UK's fifth-biggest bank, in 2008.

Former chairman Lord Stevenson was also heavily criticised.

The commission accused the trio of a "colossal failure" of management.

The Banking Standards Commission was set up to improve the UK's banking system following the 2008 financial crisis. Its members are MPs, members of the House of Lords and the Archbishop of Canterbury.

Hilarious how they could still end up running another bank.

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I remember the simpering Andy Hornby's explanation before the enquiry.......'all the banks were doing it'............I am from retailing.........I don't know about banking. Since then he has had a top job at Boots which he has since left.....I don't know where he is now. The damage to our economy and so many of our people that these incompetent dregs unleashed is incalculable. As members of society they float in the detritus at the Mick Philpot level......yet they continue to prosper.

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Why is he still Sir James Crosby? Why is he still Lord Stevenson?

Edited by Secure Tenant

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Why is it still Sir James Crosby?

Because he's made the treasury and its pals lots of money and has enough dirt on the UK's involvement in the Afghanistan, Mexican, and South American drug money laundering trade to embarrass the city, parliament, and the queen herself.

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I remember the simpering Andy Hornby's explanation before the enquiry.......'all the banks were doing it'............I am from retailing.........I don't know about banking. Since then he has had a top job at Boots which he has since left.....I don't know where he is now. The damage to our economy and so many of our people that these incompetent dregs unleashed is incalculable. As members of society they float in the detritus at the Mick Philpot level......yet they continue to prosper.

Yes, it's the old 'I was completely unqualified for the role I was performing, you can't blame me'.

If that's a valid excuse, I'm going for a job as an airline pilot (as long as they fit an ejector seat)

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Graun:

Crosby sold two-thirds of his shares just before the banking crisis hit and the bottom fell out of share prices.
Unlike former Royal Bank of Scotland boss Fred Goodwin, Crosby has retained his knighthood and his £570,000 annual pension.

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From 2004 to 2007, the FSA was "not so much the dog that did not bark, as a dog barking up the wrong tree", claimed the report.

There was too much supervision at a low level and too much box-ticking, it said.

The report requires the FSA to answer nine questions about its failures.

But since the FSA was abolished five days ago, on 1 April, it will not be able to do so.

Neat.

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Neat.

Yes. Quite. problem. Reaction. Solution. (Look gone away!) How the world works.

These people should be in jail - and a few more.

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I remember the simpering Andy Hornby's explanation before the enquiry.......'all the banks were doing it'............I am from retailing.........I don't know about banking. Since then he has had a top job at Boots which he has since left.....I don't know where he is now. The damage to our economy and so many of our people that these incompetent dregs unleashed is incalculable. As members of society they float in the detritus at the Mick Philpot level......yet they continue to prosper.

Catherine Tate very perceptively identified that trend in the UK in her comedy shows "I can do that". Unfortunately she didn't do a one about the people running the banks but likely there would be plenty of material. Similarly in Westminster and the BoE.

Michael "I can do that" Carney will for sure be offering plenty of material.

Edited by billybong

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I remember the simpering Andy Hornby's explanation before the enquiry.......'all the banks were doing it'............I am from retailing.........I don't know about banking. Since then he has had a top job at Boots which he has since left.....I don't know where he is now. The damage to our economy and so many of our people that these incompetent dregs unleashed is incalculable. As members of society they float in the detritus at the Mick Philpot level......yet they continue to prosper.

I worked for HBOS (on contract) just before it went nipples up.

The share price was dropping like a stone yet Hornby was telling staff no problem and to buy the company shares. He blamed everything onto "evil shorters". The directors even put on a much hyped PR show and bought shares with their own money. Wow. Some employees lost 90%+ of their life savings.

Virgina!

Edited by sleepless

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I am sorry, did these guys do something wrong?

Improper or negligent? Fine them.

Illegal? Imprison them.

Anything else, why does a privately run company need the government or some quango to tell them not to employ them. Either it is self evident that these walking disasters are unemployable in the banking industry or it isn't. Amazing how we now need edicts to prevent blatant cronyism.

By the way, l would have hanged them and so avoiding this apparent quandary.

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The Geeza in charge of HSBC at time of/allowing Mexican drug laundering

was promoted to Lord,

sits in Westminster

and is a major Govt financial advisor to Osborne.

But then Mexican King is some weird offshoot cousin of UK royalty

PS

Don't forget the 'autonomous' City of London has now been outed as the biggest offshoring, tax avoidance facility in the World.

The masters of Laundering

example

How secret offshore firms feed London's property boom

Investigation names investors exploiting offshore tax and duty loopholes allowing overseas purchasers to buy up UK property

In 2011 alone, more than £7bn of offshore money flooded into potentially tax-exempt purchases of UK houses, flats and office blocks. Most buyers snapped up property in central London.

These offshore buyers are a driving force of the capital's spiralling property prices versus the rest of the UK: since March 2009, property prices in prime central London have increased by 49% – five times more than the rest of the UK, according to estate agents Knight Frank.

In our findings, the majority of the offshore transactions used entities registered in the BVI, which accounted for £3.8bn of the total: a continuing steep rise from £2.7bn in 2010 and £1.5bn in 2009, according to Land Registry data. Smaller amounts came from similar entities registered in Jersey and the Isle of Man.

Among the commercial premises in London which have been acquired via offshore entities is the £97m Riverside House, where the Ofcom HQ is on Southwark Bridge, which was bought by Ahron Frenkel through the BVI firm Alphagem, and the £30m The Ark in Hammersmith, whose owner Murray Richards bought it through Centenary Financial Holdings.

Reckless bank loans to offshore entities have fuelled much of the historic property boom, handed over by lenders who subsequently had to be bailed out. British banks had £14.1bn outstanding in loans to BVI and associated offshore entities at the end of 2009, according to UK Treasury figures.

http://www.guardian....london-property

Edited by erranta

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On the other hand:

Anyone can make a mistake or two, surely these inspirational business leaders deserve a second chance? They work hard for their customers and share holders and deserve to be properly rewarded. (From BBC comments).

Good one. LOL

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Sir James Crosby (Wikipedia) held senior positions in the FSA for several years, even while he was still at HBOS. None of the papers seem to be mentioning this in their stories about the report on HBOS. I'd have thought this was very relevant, so why the silence? Are they just not paying attention?

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The Chancellor of the Exchequer, Gordon Brown, today announced that James Crosby and David Miles have been appointed Non-executive Directors of the FSA.

Gordon Brown said:

“ I am delighted to announce these appointments. James Crosby is a leading industry practitioner with a wealth of experience in banking, fund management and the insurance field, and will bring a new perspective to the Board. The appointment of David Miles, a leading financial economist, will add a new set of skills to the FSA Board”.

http://webarchive.nationalarchives.gov.uk/20100407022214/http://hm-treasury.gov.uk/press_135_03.htm

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Hornby is now Chief Exec of Coral, the betting & gambling group; how apt!

Mar 19, 2012 – Coral became the latest big betting name to make Gibraltar move ... of offshore betting operations and there is no doubt that Coral's decision to move ...avoiding UK taxes

Edited by erranta

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Mar 19, 2012 – Coral became the latest big betting name to make Gibraltar move ... of offshore betting operations and there is no doubt that Coral's decision to move ...avoiding UK taxes

Can't blame him... Their taxes would only have gone on paying for bailing out failed banks...

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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