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Now we know the truth about HBOS: it was nothing to do with casino banking

hbos fail

WE’VE had the report out today about how and why Halifax Bank Of Scotland fell over. You can read it in all its glory here. And the important takeaway point to be made about it is that it was nothing at all to do with speculation, investment banking, weird derivatives, high speed trading or any of the other things that people fulminate against. It was, very simply, a bank going bust in the way that banks have always gone bust. Lending too much money to people who didn’t pay it all back.

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Posted: 5th, April 2013 | In: Money | Comment (1)


Punishing the Bankers: Peter Cummings punished for making loans – oh the irony

OOOOH, the irony, it’s just too exquisite.

So we’ve finally actually punished a banker for the mess that they created. Peter Cummings from HBOS:

Peter Cummings, the HBOS banker whose division lent billions of pounds to property developers, has been given a lifetime ban by the Financial Services Authority for his role in the banking crisis.

Cummings, who has also been fined £500,000, is the only former HBOS banker to be penalised by the City regulator as a result of the near-collapse of the bank which was rescued by Lloyds in September 2008 – and the highest profile banker to be punished since the financial crisis.

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Posted: 14th, September 2012 | In: Money | Comment


Sexy Fred Goodwin’s Grubby Secret: Shagging On The Glass Ceiling

SIR Fred Goodwin, aka “Shagger”, has had to give up the fight and had his super injunction partially overturned.

It had been in place to prevent us calling him a banker and hide the fact that along with Adam Applegarth (former Northern Rock CEO who was, allegedly, shagging Amanda Smithson from the company’s buy-to-let division) Sir Fred was bumping the uglies with a woman on his senior staff instead of stopping the world’s worst banking melt down.

If you are going to shaft the country, what’s an old colleague for? After all, as every RBS financier knows and brags churlishly while chuckling over the RBS sponsored Rugby match after dinner port, they are women burnishing the glass ceiling with their backsides!

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Posted: 19th, May 2011 | In: Key Posts, Money | Comments (17)


HBOS Is Dead On January 19

HBOS – RIP:

HBOS plc
14January 2009

Suspension of listing and trading

Following applications by HBOS to the UK Listing Authority and the London Stock Exchange respectively, HBOS announces that the listing on the Official List of the securities detailed below and the trading of such securities on the London Stock Exchange are suspended, both with effect from 6.00 p.m. today.

Subject to the Acquisition and the Preference Scheme becoming effective, it is expected that the listing on the Official List of the securities detailed below and the trading of such securities on the London Stock Exchange will be cancelled at 8.00 a.m. on 19 January 2009.

How to you mark the death of bank? OMA suggests laughter…

Posted: 14th, January 2009 | In: Money | Comments (2)


HBOS Accused

THE Directors of HBOS have been accused of failing in their duties to shareholders by not looking seriously at alternatives to the Lloyds TSB takeover bid.

A cross-party group of Members of the Scottish Parliament has launched a new attack on the deal and said they had asked the Takeover Panel, to suspended the merger until more information is available.

AGW

Posted: 6th, November 2008 | In: Reviews | Comment


The Two Paulson Brothers

One is Hank ‘Call Me Uncle Joe’ Paulson, US Treasury Secretary, currently performing his ‘Buddy, Can You Spare a Trillion’ at the Capitol to mixed reviews.

And then on the other side of the pond there’s John Paulson, of the eponymous Hedge Fund Paulson and Co, which under new disclosure rules had to disclose it was shorting large positions in Lloyds TSB, Royal Bank of Scotland, HBOS, and Barclays.

So far, so obvious.

The less obvious bit is that the Financial Times reports that Mr John Paulson, anticipating criticism for his moves, defended the short positions, saying his hedge fund

“empathizes with financial firms as to the difficult positions in which many find themselves.”

Yep; that’s sincerity oozing through every pore…

– Chenier

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Posted: 24th, September 2008 | In: Reviews | Comment


When HBOS Employees Kill

FROM INDIA comes a message for the Lloyds TSB -HBOS merger burghers:

The [Gradiano] Chief Executive Officer …was on Monday beaten to death by a group of dismissed employees inside office premises after a meeting called to resolve dispute between them and the management failed“. Source

Spotter

Posted: 23rd, September 2008 | In: Money, Strange But True | Comments (3)


The Idiots Guide To HBOS And The Singing Malteser

HSBOS bank collapses, proof that capitalism works and you’re never to big to go under. (See Lehman Brothers.)

Big news, then. But the red-tops have a problem: they need to make their readers understand what Lehman Brothers was. They do this by finding an easy point of reference and talking down to them in words of one syllable or fewer.

THE SUN: “MASS EXIT – 40,000 face axe, including Howard.”

Howard..? Is he the boss of the failed outfit? In a way yes.

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Posted: 18th, September 2008 | In: Money, Tabloids | Comments (11)