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Hbos Bank Scandal Report Is Put Off Till After Election

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MPs attack City watchdog for delaying findings that will expose blunders of executives, regulators and politicians

  • Financial Conduct Authority due to report on Halifax Bank of Scotland
  • The lender collapsed under the weight of its balance sheet seven years ago
  • Report delayed by the wait for responses from those it criticises

Furious MPs have attacked the City watchdog for delaying the release of a report into the collapse of Halifax Bank of Scotland until after the General Election.

The findings will expose the disastrous blunders of former bank executives, regulators, as well as politicians.

But they will now not be published until the summer at the earliest – nearly seven years since HBOS imploded after years of reckless lending, triggering a £20billion bail out from the taxpayer.



Read more: http://www.dailymail.co.uk/news/article-2927563/Now-bank-scandal-report-till-election-MPs-attack-City-watchdog-delaying-findings-expose-blunders-executives-regulators-politicians.html#ixzz3Q2C1Igq5
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Moral hazard can occur when upper management is shielded from the consequences of poor decision making. This situation can occur in a variety of situations, such as the following:

  • When a manager has a secure position and cannot be readily removed.
  • When a manager is protected by someone higher in the corporate structure, such as in cases of nepotism or pet projects.
  • When funding and/or managerial status for a project is independent of the project's success.
  • When the failure of the project is of minimal overall consequence to the firm, regardless of the local impact on the managed division.
  • When a manager may readily lay blame on an innocent subordinate.
  • When there is no clear means of determining who is accountable for a given project. The software development industry has specifically identified this kind of risky behavior as a management anti-pattern,[which?] but it can occur in any field.
  • When senior management has its own remuneration as its primary motivation for decision making (hitting short-term quarterly earnings targets or creating high medium term earnings, without due regard for the medium term effects on, or risks for the business so that large bonuses can be justified in the current periods). The shielding occurs because any eventual hit to earnings can most likely be explained away, and in the worst case, if an executive is terminated, usually the executive keeps the high salary and bonuses from years past.
  • When a numbered company is used for construction projects as a subsidiary of a larger enterprise. An example is a numbered company is incorporated to construct a condominium in Vancouver. It is built to meet the minimum building code requirements, but is not designed for Vancouver's typical weather patterns (mild temperatures, much moisture). A few years later, the exterior cladding of the building is disintegrating with mold and rot. The numbered company that built it has no assets, so the condominium owners must suffer a large expense to rebuild it. In this scenario, the senior officers of the numbered company, and its shareholders used the protection of a numbered limited liability company to take higher risks in the design and construction. Unless the law and the regulators have some effective means to hold those responsible to account, moral hazard would be expected to continue to future building projects. In extreme cases, moral hazard can lead to or permit control fraud to occur, where actual illegal activities take place.

http://en.wikipedia.org/wiki/Moral_hazard

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Alot of reports and decisions are being delayed to post election. There does seem to be atleast on the surface an increase in uncertainty. A 7 way tv debate in the pipeline.

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Alot of reports and decisions are being delayed to post election. There does seem to be atleast on the surface an increase in uncertainty. A 7 way tv debate in the pipeline.

Isnt it up to 11 with the Welsh and Irish.

What a joke CAmeron is, scum of the lowest order.

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Alot of reports and decisions are being delayed to post election. There does seem to be atleast on the surface an increase in uncertainty. A 7 way tv debate in the pipeline.

They might as well published it as there's no choice anyway with the politicians we either vote for one set of courrpt w4nk3rs or you vote for another set of w4nk3rs.

Once more it's complete contempt for the people, we just have to bend over and take it!

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I'm not sure what the past 5 years has achieved, or even changed.

The number of people who have lost all faith in the current economic and political systems has grown significantly in the last 5 years. I was at lunch with work colleagues today and as I sat quietly eating they were talking about the Greek crisis and the state of the UK economy in the same breath. Ordinary working age people are getting angry with the status quo and don't see any sign of improvement. Sooner or later this will start to have consequences at the ballot box.

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Hey ho. It would arguably stink more if they did decide to release within 100 days of an election when they have had 7 years to release it already.

I agree.

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