Category: HBOS enquiry Page 1 of 2

Too little, too late! FCA report fails to say if it has closed the stable door


It is seven years since the collapse of HBOS – the second largest collapse in British banking history (after RBS) and one which cost the UK taxpayer £20 billion, Lloyds and former HBOS shareholders £54 billion and 40,000 bank employees their jobs.

HBOS report next week: Cross fingers for justice, but don’t hold your breath


Looking back I discover it is almost exactly a year ago that I wrote that the extremely tardy official report into the collapse of HBOS would be published “early in the New Year.”

Do Stevenson and Hornby hold a “Get out of Jail Free” card?

I’m told the extremely tardy official report into the collapse of HBOS will be published early in the New Year and will contain criticism of the former chairman, Lord Stevenson, and chief executive, Andy Hornby. Whether it also imposes sanctions is another matter.  

Justice delayed — and justice denied

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 role of bank boards needs to be reassessed

The Parliamentary Commission report repays careful reading, not least for its strident criticism of the board and their habit of self-congratulation rather than rigorous challenge.

Andy Hornby answering questions

The guilty have been named. Now they must be punished


The significance of the HBOS report from the Parliamentary Commission is not in any new evidence it has uncovered – we always knew why the bank went bust – but in the uncompromising way in which it named the men primarily responsible for bringing it down, chairman Lord Stevenson and chief executives Sir James Crosby and Andy Hornby.

Lord Stevenson looking tired

Stevenson receives the coup de grâce

Evasive, repetitive, unrealistic. Unless my old newspaper instincts have deserted me that description by Andrew Tyrie of Lord Stevenson’s evidence to the Parliamentary Commission, is what will make the headlines. And the former HBOS-chairman will find it hard to outlive the label.

Incompetence brought down HBOS, Crosby admits

What is the significance of the aggression with which the Parliamentary Commission on Banking Standards went for ex-HBOS chief executive James Crosby?

Stay angry and stay tuned to HBOS hearing on Parliament TV

In case my banging on about Hornby and Stevenson is not setting the heather on fire…remember that they were among top executives who left HBOS with 6 figure redundancy payments and large pension funds while more than 40,000 employees lost their jobs and 2 million small shareholders lost their life savings. To say nothing of the billions HBOS owes taxpayers.

Hornby and Stevenson: now time for rigorous cross-examining

Mark Monday and Tuesday (3 & 4 Dec) in your diaries. The Parliamentary Commission inquiry into the collapse of HBOS has summoned the two ex-CEOs, James Crosby and Andy Hornby and chairman Lord Stevenson to answer for themselves.

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