Wednesday 11 February 2009

Wrong about the Treasury committee


Here was me thinking this morning that the bankers would smooth over any inappropriate talk, say sorry and disappear back to their mansions to live in champagne and shame.

How wrong I was, for Paul Moore's letter is pure dynamite; It is reported at length elsewhere.

The nub is though that HOS was brazen in trying to avoid whistleblowers. This has scandal like Enron and Worldcom written all over it.

Moreover, we warned last summer about the insanity of appointing the ex-HBOS head as the man to advise Gordon to save the UK financial system. Crosby was one of the blind leading the blind; he is not the man to lead us out of the desert.

This story will run and run; Crosby or his report cannot survive credibly.

9 comments:

Anonymous said...

This very bank keeps sending me letters saying I owe it about 3,000 - who thinks I am morally obliged to recognise the debt?

Now you see what the banking collapse has done.. its a question that would never have occurred to me a year ago... let them sing for it.

Mitch said...

How can any debt be enforced after this? rules after all have to apply to all or nobody.

roym said...

crosby is a gonner!

now, will we get any further towards criminal charges for any concerned?

tory boys never grow up said...

Paul Moore's evidence is certainly very damming - talk about revenge being a dish best served cold.

It does highlight a few interesting points however:

i) the old story about the main cause of business failure being over-trading is still true
ii) how the emphasis of the last 30 years on being entrepreneurial and developing a "sales culture" now has to be put well and truly back in the box. Sales culture has been a problem in both the private and public sectors in different ways, but surely this parrot is now well and truly dead - and perhaps everyone can get back to more sensible and balnced models for running organisations.

Yet another nail in the coffin of free market capitalism I'm afraid.

Wolfie said...

Having been one of those people threatened with censure for advising my employer that we were overly exposed with instruments which could not be adequately risk-assessed I can relate very personally with this story. However I am dismayed that the press is misrepresenting the causes and doing such a fine job in letting the government and the regulators off the hook. The City has changed a lot during my career and it mostly changed due to government and media pressure but I doubt we will see them apologise for the consequence of those changes which seem to me to be at the root of the problems. Capitalism is not at fault, the problems arose because it was modified to appease the petit-socialists and their delusions of social engineering.

Anonymous said...

So (per Wolfie) deregulation arose because of government (petit socialist) and media pressure. Just doesn't stack up I'm afraid - you're rewriting history if you don't think that the Thatcherites and business itself were pushing for deregulation (who allowed Big Bang and the demutualisation of the building societies (look at them now btw)

Wolfie said...

I don't think you quite grasped what I said anonymous.

Deregulation bankrolls government spending plans.

Deregulation increases risk exposure which requires a higher calibre of management and personnel but political pressure disbarred such personnel from positions of influence as society had to be re-modelled as "fairer".

Oops.

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