Could the HBOS three finally get an official slap on the wrist for losing £54 billion, forcing the Government to rescue the bank and impoverishing millions of bank employees and small shareholders?
The Financial Times reports that the Parliamentary Commission on Banking Standards has started an inquiry into the 2008 collapse of HBOS. It will call former executives as witnesses and plans for the first time to use legal counsel to cross-examine them.
Am I just too cynical? The Independent confirms what I have been told, that the Financial Services Authority’s report into its own policing of HBOS before the crash will not appear before next summer. By then it will be five years and more after some of the crucial events and too late. The FSA will be gone and the whole thing can be conveniently brushed under the carpet, with platitudes such as “lessons learned” and “time to move on.”