This £245m fraud is an insight into the rottenness of British banking – and a warning to us allNone of the standard terms cover the mammoth scam at HBOS that has been revealed this week. Victimless crime? But there were victims of this £245m crime,in the form of British taxpayers, business customers of the bank itself, and shareholders and employees of the company. Fraud? Here the bankers weren’t getting one over on their bosses – because the bosses were barely watching. Rotten apples? Except the bank itself launched investigation after investigation,yet continued to play down the full scale of the abuse. What happened at HBOS should not be minimised. The crimes that hold been publicised this week give the public a scarce glimpse into just how much went unsuitable in the UK’s banking system at the height of the bubble. They should also prompt questions approximately just how far Britain is protected from another financial crisis. Related: Cash, cruises and sex parties: inside ex-HBOS manager's £245m scam Continue reading...
Source: theguardian.com