I recently re-read Paul Moore's 2009 testimony to the Treasury Select Committee in the aftermath of the financial crisis. Paul was the Head of Group Regulatory Risk at HBOS between 2002 and 2005 (this position is one below board level). As his testimony explains, in 2005 he vocally warned the board that their risky lending would put HBOS in danger, but was dismissed and replaced by someone with no relevant experience for the job in question.
Archive for July, 2012
I enjoyed watching this short interview with Peter Marks, chief executive of Co-op, talking about the sale of 632 Lloyds branches to Co-op. He was refreshing honest about what makes Co-op different from the big five, who are still embroiled in scandal after scandal.
97% Owned is a new documentary that reveals how money is at the root of our current social and economic crisis. Featuring frank interviews and commentary from economists, campaigners and former bankers, it exposes the privatised, debt-based monetary system that gives banks the power to create money, shape the economy, cause crises and push house prices out of reach. Fact-based and clearly explained, in just 60 minutes it shows how the power to create money is the piece of the puzzle that economists were missing when they failed to predict the crisis.