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