Ping Crosby!

It's definity no laughing matter. Gordon Brown is doing the rounds dishing the dirt on whistleblower Paul Moore's allegations about HBOS. Brown said it was had been investigated by the FSA and found to be without substance. Somehow I don't think that will be the case in further investigations. Interestingly, the FSA today blurted out that they had advised HBOS of the risk element.

Gordon Brown's new spin line is that it was not about risk but that the "whole business model was wrong". He's not really that convincing. This will run a bit longer. I do not think Mr. Moore would say what he said if he had not some substance behind him.

Crosby, Spills and Banks

After appearing on the naughty step yesterday, the four rogue bankers have come in for a press drubbing of the highest magnitude. Scumbag millionaires, they are called by The Sun. They won't be coming out for a while I'm sure.

During the Treasury Select Committee hearing, it emerged that Sir James Crosby, former chief executive of HBOS and lately a public penpusher at the FSA, had sacked his head of risk management for daring to suggest that the bank was growing too fast, that it was culturally indisposed to being challenged and that its sales culture was “significantly out of balance with their systems and controls”. The new banking giant that is Lloyds Banking Group says HBOS denies it. Mandy Rice Davies comes to mind.

Crosby gone today, resigned in disgrace. He was too hot for Gordon Brown to handle. This will only get worse if those in charge don't come clean and fess up to their wrongdoings. Gordon Brown says the Tories are the do nothing party. Well, he is the never ask questions Prime Minister. A very lame duck indeed.