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Guide to the Turf
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The Border Papers
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'An Accident Waiting to Happen'
This report finds the three bankers guilty of "catastrophic failures of management" in the run-up to the collapse of HBOS which resulted in its emergency takeover by Lloyds bank. "Toxic" misjudgments by the three led to the bank's downfall. Lloyds later needed a £20.5bn taxpayer bail-out at the height of the financial crisis as a direct result of its acquisition of HBOS. So far only one former HBOS director, Peter Cummings, has been penalised, after being fined £500,000 and banned for life from working in the City last September. The Commission said it was wrong that he should shoulder the blame alone. They claim "The primary responsibility for the downfall of HBOS should rest with Sir Jam...
