April 5 - A damning report on the collapse of the British bank lays the blame with its two chief executives and its chairman - and rightly so, says Breakingviews.
▲ Hide Transcript
▶ View Transcript
So HBOS the marvelous self. The delusion what does that breaking news for you amounts the three men. Who are squarely in the foreign a lot of the stuff parliamentary report and and let's face it it's. Trixie -- his whole free we usually more scathing of this I've got to say incompetent. Reckless delusional. Yeah I -- -- that's the magic box -- hindsight is a wonderful thing isn't it and to with the benefit of hindsight it's. It's clear that -- intelligently HBOS. Well cultural expectations who would say. I don't -- for well that this is this is that this is the point really I think -- the what the crucial bits of this report does it says that. He had them not making these judgments of the benefits of on -- fascinating quite clearly -- at parliament that is saying quite a period of ice balls. Should have known what it was -- in 200456. When it was reducing its capital. It was collapsed not -- calls all the world -- financial. Crisis -- It it's been allowed sphere H ball sort of senior -- of a sort of allowed people who won't. To believe it -- it clearly wasn't helped by that but it collapsed because of some catastrophic me produced decisions that would tight. And I'm. So. That's. What goes on the record now I bet the unemployed nothing that is really important to get across. Is that bond launched the top -- HBOS. -- have expects. Section. By logging to think of the amount of appropriate that's been yet pulled all of Fred Goodwin for very good reason. But in a -- calls me. As you know is not a household nine he retains his night but perhaps he needs to retire in his -- and -- -- 222 guys that. But in I'm not quite sure that he's carrying quite the blood supply in the field right and without any ship this -- will do something to address. Okay well well let's let's talk about what they're doing now should these guys. Hold positions -- behold now some are on boards of companies are running companies. Should help those positions well -- I think that's an -- for the for the for the regulate that but they clearly. All guidance of we welcome bones of the peoples of financial institutions. Perhaps I have moved some -- spirits but will be valuable in if -- blood. From their mistakes but I think the other thing loosen up pace in the -- it's important. And Bennett's and relates to to why they haven't -- A palpable as well for us. Remember the -- side it was the regulates but it's also been the one that's been investigate things. And it calls. Via fax is it to take root in the mismanagement. Of of this of this institution. It caught clearly. He's a difficult position when it's trying to sort of learned some lessons from this side of the banking commission and the parliament Terrence which was frankly has been little. Pretty unimpressive in the -- Is very impressive hit but it's also coming from a position of independents and Rica. But yet what happens now. What happens well I think that the effort says now defunct who's now been superseded. A -- what happens now is that. It's -- the FC eight. And that the reopen the books and ran. Try and see whether actions are taken Iran but it's. One of the -- both aren't cut as bunkers that are coming coming and coming here coming actually find a half million pounds. It's not far from certain that some sort of fun and -- your life from the industry. It's far from certain whether of those fines are lead vehicle could be -- -- even should we let it. But I think that's going to be a question that it's that it's now reopened in the wake of this very very politics in two mama bird who purple. Robert many thanks to map Robert -- For more tennis setting inside watch our US breaking news show every day told that she's in -- you very PST. -- the problems is Joyce's.