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Ex-Hbos Bosses Likely To Escape Fines Because Of Delayed Report


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http://www.theguardian.com/business/2015/nov/15/ex-hbos-bosses-escape-fines-delayed-report

Regulators set to heavily criticise three bosses but time it took to produce report means fines for wrongdoing are expected to be unapplicable

Former HBOS bosses who are expected to be heavily criticised this week over their role in the bank’s near-collapse are likely to escape fines because regulators’ report into the matter took so long to complete.

HBOS had to be rescued by rival Lloyds in September 2008 and the enlarged institution was later bailed out with £20bn of taxpayers’ cash.

A Bank of England and Financial Conduct Authority report into the debacle is to be published on Thursday after a series of delays.

The former chairman, Lord Stevenson, and chief executives James Crosby and Andy Hornby are expected to be heavily criticised in the 500-page report and could face bans from the financial services industry.

But fines cannot be imposed for any wrongdoing unless the report reveals significant new information, because regulators did not warn executives of any enforcement action before a six-year statute of limitations ran out last year.

The main report, which reviewed more than 200,000 evidence documents, was completed 18 months ago.

How convenient, but I'm sure just an oversight and it's not like it cost the country billions and HBOS was married to Lloyds in a shot gun wedding.

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Interview with whistleblower Paul Moore on the R4 business slot at 6:15. Absolutely apopleptic, BBC's Simon Jack a little panicked by the outburst. Moore clearly been through a very trying time.

Yes, heard that quite extraordinary.....nothing surprises any more. ;)

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Interview with whistleblower Paul Moore on the R4 business slot at 6:15. Absolutely apopleptic, BBC's Simon Jack a little panicked by the outburst. Moore clearly been through a very trying time.

I think the scale of the failure means it will explode again.

That you have have someone articulate i.e. Paul Moore out for blood.

There's so many jobs and money lost *AND* it happened whilst Gordon was 'directing' UK FinCo, means you have given Gideot a very large political stick and an excuse.

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Best sentence from the FT post:

'“They borrowed at the apex £278bn, 60 per cent of that they had to refinance within one year,” he said, meaning HBOS had to borrow more than one and two-thirds the cost of the National Health Service every year.'

Fck!

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Interesting snippet from the Graun.

We’re actually getting two reports today.

As well as the main inquiry into the collapse of HBOS, a top lawyer has examined why only one executive - director Peter Cummings - was ever sanctioned over the crisis.

Andrew Green QC’s report could potentially open up the prospect of fresh action being taken against other top bosses.

Cummings ran HBOS’s corporate lending division. He was fined £500,000 and banned from the City by the FSA. Cummings has argued it was unfair to single him out for the failings at HBOS.

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I think the scale of the failure means it will explode again.

That you have have someone articulate i.e. Paul Moore out for blood.

There's so many jobs and money lost *AND* it happened whilst Gordon was 'directing' UK FinCo, means you have given Gideot a very large political stick and an excuse.

It's no use Gidiot standing up on his back legs and getting all superior. Fine words butter no parsnips. We want serious jail time for these b*****ds; Brown and King too.

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It's no use Gidiot standing up on his back legs and getting all superior. Fine words butter no parsnips. We want serious jail time for these b*****ds; Brown and King too.

Well. There's no one to protect Brown at the mo.

Due to Brown's posittioning, Labour is devoid o any senior people.

Brown kicked anyone who'd challenge him out - smear, bully.

Put all his place people in place, who then lost.

Leaving just newbies + loonies left to contest the leadership. And a loonie won.

Corbyn does not care about Brown. He risks being rolled into charges being made against Brown.

Who knows? Maybe in a year Blair + Brown will be in jail?

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Believe I heard the mental cripple Bailey of the bank talking about how HBOS made a mistake because they (and others) all assumed it would all carry on they were only providing the growth during the period that EVERYBODY agreed was most excellent growth and stability.

Utterly disgraceful.

These crooks were pumping up the bubble to pump up their earnings.

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Believe I heard the mental cripple Bailey of the bank talking about how HBOS made a mistake because they (and others) all assumed it would all carry on they were only providing the growth during the period that EVERYBODY agreed was most excellent growth and stability.

Utterly disgraceful.

These crooks were pumping up the bubble to pump up their earnings.

Why is he a mental cripple?
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Best sentence from the FT post:

'They borrowed at the apex £278bn, 60 per cent of that they had to refinance within one year, he said, meaning HBOS had to borrow more than one and two-thirds the cost of the National Health Service every year.'

Fck!

But the fsa, boe, investment experts in pension companies and expert financial journalists failed to seeing problem.

Yet these people also remain as experts in their field, on massive salaries.

Every time any of them voice an opinion they should be reminded of their myopia/lookin the other way.

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