Self Deluded British Bank HBOS Never Added Up

Sceala Philosopher Location: Ireland

You were correct about the corrupt British banks.
Examiners have found that HBOS would have failed without the global crash.

No one appears to be asking the obvious question, if HBOS would have failed anyway, then surely HBOS are at least one of the rotten sources that infected so many other European and world banks.

And guess what! those behind the self delusion and bad accounting practice have not been financially hit or suffering, no cuts for them, they are in positions of power.

Does Westminster ever arrest any of their financial or military criminals?
Report criticises former HBOS executives
Updated: 10:26, Friday, 05 April 2013
inShare
HBOS would have failed even without the 2008 financial crisis, new report states HBOS would have failed even without the 2008 financial crisis, new report states

Bailed out British lender HBOS would have failed even without the 2008 financial crisis, a panel of UK lawmakers said in a report which blamed three men still in positions of influence in business and politics.

The Parliamentary Commission on Banking Standards is tasked with finding ways to reform UK banks.

It said HBOS was an "accident waiting to happen," with bad lending and losses across the business likely to have led to its insolvency even without the funding and liquidity problems of the financial crisis.

Although regulators bore some of the blame, primary responsibility lay with Dennis Stevenson, chairman from the formation of HBOS in 2001 until its collapse, and former chief executives James Crosby and Andy Hornby, it said.

There was a "colossal failure of senior management and the board", said Commission chairman Andrew Tyrie, a Conservative lawmaker who expressed surprise that only Peter Cummings, who was head of corporate lending at HBOS, had so far been punished.

Cummings was fined £500,000 sterling by Britain's financial services regulator in September and banned for life from the industry.

HBOS, Britain's biggest mortgage lender, had to be rescued via a government-engineered takeover by rival Lloyds, which subsequently needed a £20 billion bailout to survive.

The Commission said the regulator should consider if Stevenson, Crosby and Hornby should be barred from working within the financial services industry in the future.

Hornby, who since leaving HBOS has worked as chief executive of healthcare group Alliance Boots and is currently the boss of betting shop chain Coral, declined to comment on the report.

Crosby, a senior independent director at the world's biggest catering company Compass and an adviser to private equity firm Bridgepoint, as well as Stevenson, who sits in the upper chamber of parliament, could not be reached for comment.

HBOS was created in 2001 by a merger between Halifax, a former English building society, and the 300-year-old Bank of Scotland.

It ramped up lending using cheap funding on the wholesale markets rather than safer customer deposits, and its high-risk strategy was exposed when that funding dried up following the collapse of Lehman Brothers in 2008.

HBOS's managers blamed the financial crisis for the collapse. But the Commission said the bank's business model was inherently flawed and its board was a "model of self-delusion."

"The sums would never have added up," Tyrie said.

"The Commission has estimated that, taken together, the losses incurred by the corporate, international and treasury divisions would have led to insolvency, regardless of funding and liquidity problems, had HBOS not been bailed out by both Lloyds and the taxpayer," he said.

The Commission said £25 billion was lost on bad corporate loans and there were losses of £15 billion at its international business and £7 billion at its treasury unit.

Crosby was chief executive of HBOS between 2001 and 2006 before being succeeded by Hornby.

So those bankers behind this are still in positions of power.
Does Westminster ever arrest any of their financial or military crooks?
Look at that Gordon Kerr head of FRU in the North of Ireland, it is claimed that he was involved with organizing British Terrorist murder squads. Kerr was sent to Iraq and still involved with the killing business
According to a former British military intelligence officer who served with the FRU, "there's no doubt about this. My unit was guilty of conspiring in the murder of civilians in the north of Ireland, on about 14 occasions." See article by Neil Mackay, 'My unit conspired in the murder of civilians in Ireland', Sunday Herald, 19 November 2000.
the Telegraph lauded the team of secret warriors as "one of the Coalition's most effective and deadly weapons," running "dozens of Iraqi double-agents," including "members of state sponsored terrorist groups."

What the story failed to mention was the fact that in its Ulster incarnation, the JSG known as the Force Research Unit (FRU) actively colluded in the murder of at least 15 civilians by Loyalist deaths squads and an untold number of victims killed, maimed and tortured by double-agents controlled by the unit. What's more, the man who commanded the FRU during the height of its depredations Lt. Col. Gordon Kerr, headed the hugger-mugger Special Reconnaissance Regiment (SRR), a large counter-insugency force made up of unnamed "existing assets" from the infamous days in British Occupied Ireland and elsewhere.

This despite the fact that a 10-year, $100 million investigation by Britain's top police officer, Lord Stevens, confirmed that elements within the British Cabinet along with the Kerr-led FRU "sanctioned killings" through "institutionalized collusion" at with militias during the 1980s and 1990s. Stevens sent dossiers of evidence against Kerr and 20 other security apparatchiks to the Blair government's Director of Public Prosecutions, in the expectation that the fiery Scotsman and the others would be put on trial.

But instead prosecuting Kerr, Blair promoted him: first to a plum assignment as British military attaché in Beijing, effectively the number two man in all of UK military intelligence, as Scotland's Sunday Herald noted with the SRR posting to Baghdad, where Kerr and his former FRU mates applied the "methods developed on the mean streets of Ulster during the Troubles," as the Telegraph breathlessly related.

Westminster covers up their crimes and points fingers at others, calls them terrorists and monsters.
HBOS operated like a terrorist bank, destroying the lives of people.

Sad to think that the Irish govt have been flying in British experts (so called) to sort out bad Irish banks.
Irish Community Images

Two of whom David Hodgkinson (this guy was flown into be the new chairman of AIB) and Michael Geoghegan CBE (this guy was hired to review NAMA) were recently named in the in a US Senate report on money laundering at HSBC Bank.

Corruption and theft by British banks and City of London

What the bankrupt British did with their corrupt banks

Register

The Irish Community have posted
9 REPLIES TO THIS TOPIC
for logged in members to view.

Irish Forums Message Discussion :: Self Deluded British Bank HBOS Never Added Up

Self Deluded British Bank HBOS Never Added Up