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Losses at HBOS underestimated by as much as £10bn
Calls are growing for the bank's former bosses, Sir James Crosby
and Lord Stevenson, to be stripped of their titles
HBOS losses have been underestimated by "billions", according to
the man who famously blew the whistle on the failed bank's overly
aggressive risk-taking culture. Paul Moore added to the chorus of criticism
demanding that Sir James Crosby, the former HBOS chief executive,
and Lord Stevenson, chairman of the bank when it was rescued by Lloyds
in September 2008, be stripped of their honorific titles.
A Treasury Select Committee source also said the gongs should be "removed"
in the wake of a damning Parliamentary Commission on Banking Standards
report last week that put the blame for HBOS's collapse squarely on the pair as
well as Sir James's successor, Andy Hornby.
However, Mr Moore, who was sacked as head of group regulatory risk at HBOS
in 2004 after warning that the bank would eventually find itself in terrible trouble,
argued that the report failed to show just how bad the bank's losses have been.