Friday, April 05, 2013

Know Your Enemy

"The primary responsibility for the downfall of HBOS should rest with Sir James Crosby, architect of the strategy that set the course for disaster, with Andy Hornby, who proved unable or unwilling to change course, and Lord Stevenson, who presided over the bank's board from its birth to its death. Lord Stevenson, in particular, has shown himself incapable of facing the realities of what placed the bank in jeopardy from that time until now."

The Banking Standards Commission report pulls no punches in naming and shaming those responsible for the failure of HBOS. Incredibly the trio haven't been barred from working in the financial sector - something the Commission is very keen for the Financial Services Authority to ensure.

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