The HBOS leadership team is roundly and rightly condemned for the horrendous mess they made of HBOS. Under their watch a stable, non-investment bank was turned into a leverage monster which has blown up to a cost of something like £25 billion to UK taxpayers and now helps play a key role in crippling Lloyds and holding back our economic growth.
As I have said many times before, what has been done should be a crime and these men should be facing a long stretch in chokey - luckily for them the inept system that we have for tracking white collar crime means they are free instead to spend their ill-gotten gains and live the life of riley.
However, these constant reports into RBS, HBOS and such like play so nicely into the zeitgeist of banker bashing. But we all know that the decisions these men took must be put into context. Alan Greenspan had pumped up a huge bubble of leverage in America and the Bank of England had willingly followed his lead.
Moreover, the UK Government was blinded by its tax receipts and was inclined to watch on, glad of the money coming in which it could use to bribe voters with unrealistic promises of public services.
So where is the report into the Bank of England and the Government ministers of the time? I hope they are just waiting for St Mervyn to retire before taking him to the Tower, but somehow I doubt it.