Ex-bank bosses face ban from working in City

[taxman]

The Banking Standards Commission has said that the three top men in charge of HBOS when it collapsed should face a ban from ever working in the City again. Although who will enforce such a ban is a moot point.

 

One of them has already resigned from a post in the City (no doubt with a handsome package and pension rights).

 

Amazing that people who have been shown to be so inept continue to hold down jobs in the City, continue to be recruited by big firms, continue to hold onto Knighthoods and Peerages and continue to have no financial sanctions against them.

 

Oh well, just imagine the mess we'd be in if all these super intelligent bankers were forced to go abroad if their bonuses were capped. Poor things. Lets give them a tax cut!

[Mister M]

One of the many things I find amazing about this whole saga is that individuals can bring the banking system to its knees; cause tens of millions of people to lose their savings, businesses, homes, and livelihoods. And yet remain outside the reach of the criminal justice system and with huge bonuses and share options. It's staggering as well as sickening.

Just as well there are people on benefits we can vent our anger on

[hyper]

One of the many things I find amazing about this whole saga is that individuals can bring the banking system to its knees; cause tens of millions of people to lose their savings, businesses, homes, and livelihoods. And yet remain outside the reach of the criminal justice system and with huge bonuses and share options. It's staggering as well as sickening.

Just as well there are people on benefits we can vent our anger on

yeah, I know ... oh to be one of the protected elite

[frededwards]

They should have got thirty years, never mind a poxy ban.

[francypants]

It won't make a blind bit of difference to them, they're so rich that they don't need to work ever again anyway.

 

It stinks.

[taxman]

I'm still awaiting George Osborne's appearance on TV denouncing the whole culture of banking, capitalism and cronyism and linking these three individuals to a massive shake up of the City.

 

Meanwhile:

 

"None of the three former bosses have been formally punished for their roles leading up to HBOS's failure, despite what the commission described as a "colossal failure of management" and a strategy dating back to 2001 that "sowed the seeds of disaster".

 

Lord Stevenson, who presided as chairman of HBOS throughout its 8-year existence, is currently a non-executive director at the bookseller Waterstone's.

 

Mr Hornby, who took over the running of HBOS in 2006, has been the chief executive of gambling company Coral since 2011.

 

In a statement on Friday, Coral's board expressed its full support for him.

 

"Coral is performing extremely well, and we are really pleased with the great job Andy is doing," a spokesman said."

 

So Mr Hornby has gone from Banking to Gambling. No change there then.

[EASTWOOD141]

They need jailing they are all crooks, plus take their ill gotten gains and give it back to the tax payers.

[Anna Glypta]

But then who was it who made the Bank of England independent and set up the FSA to administer "LIGHT TOUCH" regulation to the financial sector.

 

http://www.bbc.co.uk/news/business-18908879

 

HBOS whistleblower hits out at bank regulators

 

 

The Libor rate-rigging scandal that is currently engulfing the banking sector has led to further condemnation of the behaviour of bankers and calls for criminal prosecutions for those involved.

 

Among the most vocal is the man who became known as the HBOS whistleblower.

 

"The people of this country are totally fed up and angry with the continuous greed, dishonesty and wrongdoing of our banks," says Paul Moore, who was head of group regulatory risk at the bank until 2004.

 

He is calling for "the fullest, most forensic, most transparent 'people's public inquiry'" into the behaviour of banks, and has launched a lobbying group, the New Wilberforce Alliance, to lead a campaign for such an inquiry.

 

Prime Minister David Cameron has announced a full parliamentary inquiry of the banking sector, as well as a narrower inquiry specifically into the Libor market, but Mr Moore believes this does not go far enough.

 

"Numerous enforcement actions - criminal, regulatory and civil - should have been and should be taken, including in relation to Barclays Libor fixing," he says.

'Long list'

 

Anger that taxpayers' money was used to bail out "greedy" bankers was further fuelled when scandals emerged involving the mis-selling of payment protection insurance (PPI), the mis-selling of interest rate hedging products to small businesses, and most recently the manipulation of the Libor inter-bank rate.

 

Regulators and enforcement agencies are too cosy with the firms they supervise”

 

Paul Moore HBOS whistleblower

 

Mr Moore was dismissed from HBOS in 2004 after warning that the bank was taking excessive risks. But he had signed a six-figure settlement with the bank, conditional on him never speaking about the warnings he had given.

 

Four years later HBOS came perilously close to bankruptcy and was taken over by Lloyds Banking Group, leading Mr Moore to break his silence.

 

He says it is hard to know where to begin when looking at what went wrong with the UK's banking sector. "The list is just so long."

 

But he is adamant about one thing. "The regulators and other enforcement agencies, for example the Serious Fraud Office, have totally failed us in holding people who have committed wrongdoing to account."

[Staunton]

As I pointed out on the Privatisation of n h s thread this morning, one of these three millionaire bankers is involved in the company taking over so called 'supported living' for people with learning disabilities here in this county.

 

The Banking Standards Commission has said of 'sir' James Crosby today that he (along with two other executives at HBOS) were guilty of a 'colossal failure' of management, and were largely to blame for the bank's collapse, and that financial regulators should consider banning all three from future roles in the financial sector. This was the scandal that cost UK taxpayers £20.5 billion (that's £20,500,000,000).

 

Crosby left HBOS, and is now on the board of Bridgepoint Capital, the private equity company behind Care UK.

 

Is this who we want to look after our most vulnerable here in Yorkshire?

[Anna Glypta]

As I pointed out on the Privatisation of n h s thread this morning, one of these three millionaire bankers is involved in the company taking over so called 'supported living' for people with learning disabilities here in this county.

 

The Banking Standards Commission has said of 'sir' James Crosby today that he (along with two other executives at HBOS) were guilty of a 'colossal failure' of management, and were largely to blame for the bank's collapse, and that financial regulators should consider banning all three from future roles in the financial sector. This was the scandal that cost UK taxpayers £20.5 billion (that's £20,500,000,000).

 

Crosby left HBOS, and is now on the board of Bridgepoint Capital, the private equity company behind Care UK.

 

Is this who we want to look after our most vulnerable here in Yorkshire?

 

Well he was until he resigned.

 

---------- Post added 05-04-2013 at 19:08 ----------

 

http://news.bbc.co.uk/1/hi/business/7209500.stm

 

 

FSA 'failed over Northern Rock'

 

 

The Financial Services Authority is guilty of a "systematic failure of duty" over the Northern Rock crisis, a key parliamentary committee has said.

 

The Treasury committee said the UK's financial watchdog should have spotted the bank's "reckless" business plan.

 

To help prevent any further crisis, the report calls for the Bank of England to set up a head of financial stability.

 

The FSA said it had already admitted failings in relation to Northern Rock and was "addressing" them.