A lot has been said about the banking crisis and I have a unique insight as one of the so called whistleblowers on this subject. I also offered my evidence to the FSA at the time but they rejected my offer and refused to confirm any investigation was underway at the time.
There were a multitude of factors including the economic cycle but if you read the enforcement notice you will see the bank ignored all obvious warnings and went full out to pour money into the corporate sector, especially commercial property, without any view on what even a novice could see as a reasonable outcome.
I worked in risk at HBOS and pointed this out including challenging the Treasury function on their risk taking (which has now become known as Casino banking). My colleague also challenged them on misselling of PPI, which has cost £3.2 billion set aside by Lloyds to cover the loss. We were both forced out of Risk for our efforts to make them see reason, as were others and Paul Moore was fired by the CEO who drove it forward. Similar treatment was meeted out to colleagues who stood up to the bank and I know they cannot speak out because of their current jobs in the industry.
I appreciate what is said about banks just doing their jobs but this goes beyond anything a reasonable person would have done and borders on the totally reckless. These behaviours have cost us all so dear.
Examine the facts and you will see there is clear and transparent responsibility, which is more than fair and reasonable to be placed on those responsible.
They were warned and turned on the people that told them but we have all paid the high price through our taxes and the impacts of the subsequent recession.