Sunday, 8 March 2009

Nationalise another bank?

It now appears that HBOS numbers were far worse than predicted and that the accounts were not properly audited before the take over by Lloyds and the massive cash injections from the state. I think it’s called due diligence. I’ve posted before on what I see has criminal activity within this bank but I see little government interest in bringing these people before the courts and seizing their assets. At the last rights issue of shares they must have known that the company was in effect trading illegally or their accounts were in such a mess that they could not understand the situation which I think is in itself illegal. As directors, they have a responsibility for accurate reporting. This, clearly as not happened. So let’s see the whole of the old board arrested. Dawn raids would be ever so good publicity and help to send the clearest of messages. They are no better than drug barons. Similarly with Northern Rock and most definitely with RBS with Fred Goodwin first.

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