I disagree with Frances only in so far as she seems to contradict it.Tim N has adopted the Rovian tactic of imputing one’s own faults to one’s adversary.Strip away the usual pomposity and shallow affectations and we’re left with:Shorn of the vituperation, that’s true. The takeover was approved by HBOS shareholders on 12 December.

The Halifax Building Society became Britain's fifth-biggest bank when it demutualised in 1997 HBOS & Northern Rock – primarily normal banking lending with poor risk judgement (commercial at HBOS, mortgage at NR.) It is buy to let that where the defaults are. And, all great things (great for the poor etc.) A damning report on the collapse of HBOS says three former bosses should be banned from working in banking, leading one of them to resign from an investment firm. Andy Hornby, the former chief executive of HBOS, and Lord Stevenson of Coddenham, its former chairman, appeared before the Commons Treasury Committee to answer questions about the near-collapse of the bank. It was the holding company for Bank of Scotland plc, which operated the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division. It only built up excessive short-term funding when sub-prime started to dry up and it found that securitisations took longer and generated less. Most groups hit that suffered in the crisis were crippled by losses in areas far distant from their principal business.

In cash fees alone, according to prosecutors in the trial, £28m went through the accounts of Mills, his wife and their associated companies. "The FSA appears to have taken no steps to establish whether they are fit and proper persons to hold Approved Person status elsewhere in the UK financial sector," said the report.The report said the strategy set by the board after 2001 "sowed the seeds of its destruction".That was the year in which the Halifax and the Bank of Scotland agreed to merge, forming HBOS.Its losses of £46bn included losses of £25bn in its corporate division, and £14.5bn in Australia and Ireland.Senior executives of HBOS tried to blame the losses on the temporary closure of wholesale markets.During the financial crisis, banks stopped lending to each other, resulting in their short-term supplies of funding drying up. "We're just taking action this week as a government to put in place a tougher, new regulatory regime to try and make sure that some of the mistakes that were made can't happen again. HBOS was formed by the 2001 merger of Halifax plc and the Bank of Scotland. Its members are MPs, members of the House of Lords and the Archbishop of Canterbury.Its report criticised the now-defunct City regulator the Financial Services Authority (FSA), saying the watchdog appeared "to have taken no steps to establish whether the former leaders of HBOS are fit and proper persons to hold the approved persons status elsewhere in the UK financial sector".The Chief Secretary to the Treasury, Danny Alexander, said the government would consider whether more should be done to hold those responsible for HBOS's demise to account. HBOS, Bradford and Bingley, yes, loads of subprime loan packagers like GMAC, but not much NR. Agreed that it was just the one casino (RBS) that went belly up, compared with three boring banks (NR, HBOS and Bradford & Bingley). Senior executives said that the bank's failure was due to the market's reaction following the collapse of Lehman Brothers. "What they did was to pursue a very fast growth strategy, regardless of the risk and they fooled themselves into thinking that their initial success was [because] they were better than everybody else, but eventually those risks caught up with them. Lending money to people who actually did things. HBOS failure review to proceed and report by year end Former HBOS chairman on how clinical depression hit him Ex-HBOS chief James Crosby stripped of knighthood HBOS collapse: Ex-bosses face calls for City bans 63 The share price peaked at over 1150p in February 2007.In March 2008, HBOS shares fell 17 percent amid false rumours that it had asked the On 17 September 2008, very shortly after the demise of "I am very angry that we can have a situation where a bank can be forced into a merger by basically a bunch of short-selling On 18 September 2008, the terms of the recommended offer for HBOS by A group of Scottish businessmen challenged the right of the UK government to approve the deal by over-ruling UK competition law, but this was rejected.

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