HBOS and RBS get a right bollocking

| 10 February 2009 08:21

I watched the proceedings of the UK Treasury Committee with HBOS and RBS this morning on Bloomberg UK TV and it was a dismal sight. It had the feel of the Nuremburg trials, honestly. The clip below doesn’t do justice to how tense the atmosphere was.

I will say this: these men from HBOS and RBS ran very aggressive organizations, piling in to all manner of risk at the top of the market. While they dissemble and prevaricate, it is plainly obvious that they did not see the risks in their actions, nor did they want to.

If I find better footage, I will post it.

Related articles
HBOS Inquired Into Risk Allegations, Ex-Chairman Says – Bloomberg.com
U.K. Bank Executives Apologize for Credit Crisis – Bloomberg.com
RBS Board Could Have Stopped ABN Takeover, Ex-Chairman Says – Bloomberg.com

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

Related Posts
More About: , , , , ,

«
»

1 Comment

  1. avatar Hemal Shah says:
    11 February 2009 at 03:53

    They might have taken Calculated Risks where, they forgot to Calculate the Risks! Collectively, all the bankers are responsible for current downturn; where the shareholders, customers, employees and other Industries are being affected. This is the best example of Greedy people at the top who earn almost 10000% more in Salary than the lowest salary in their organisations!