The Sovereign Voice ITNJ Commemorative Issue - Page 62

Lloyds ran-up a bill , I believe it was about £ 900 million for lawyers last year , and one wonders whether it is protecting the banks , or the boards of the banks . I have considerable doubts . I think there were a number of things we need to do to put a stop to this . I think we ’ ve got to have a proper Chapter 11 system in this country ( where ) you cannot bankrupt a company overnight . Every other country has one , we don ’ t have one . I think you ’ ve got to remove the Statue of Limitations in bank cases , so that they can ’ t deliberately put off cases indefinitely ( until they run ) out of time . I think you ’ ve got to have a proper Tribunal System set-up to sort-out compensation for the people that have been defrauded . I think it should be compulsory for at least half the board of a bank ( to ) be qualified ( as ) bankers . I think you got to put a stop to the unlimited personal guarantees that are outrageously abused .
People with small debts were bankrupted , then had their assets stolen off them - worth many many times their original debt . That is divided-up between the cronies . In my view , the insolvency practitioners and others , ( along with ) vast sums of money simply disappear . Where did all the money go from the HBOS case ? I think probably at least £ 600 or £ 700 million went straight abroad . I think we only recovered about £ 15 million out of a vastly bigger sum at the moment . Who made the money and where is it sitting ?
We don ’ t have the capacity or the capability to investigate fraud properly . I think there is a massive problem in our regulatory authorities . The two major ones are the Financial Conduct Authority and the Financial Reporting Counsel ….. meant to keep an eye on auditors .
I find it quite extraordinary that the chairman of the Financial Conduct Authority , until the beginning of this month , was a very senior partner of KPMG that did the audits of the HBOS bank . They overlooked a fraud that approached a million pounds , and a multimulti-billion pound hole …. probably approaching £ 40 billion , in the accounts . ( Yet ) the man went on to be the chairman of the Financial Conduct Authority .
The chairman of the Financial Reporting Counsel who keeps an eye on the auditors gave KPMG a clean bill of health last year . His previous job was chairman of Lloyds when this was going on . So how on earth do people expect to get justice for a system like this ?
Now I go from this meeting this afternoon ( to ) a meeting with Andrew Bailey who is the chief executive of the Financial Conduct Authority . He has asked me to go and see him and we ’ re going to have a very interesting conversation I think . I don ’ t know quite how we stop this .
In 2013 there was an internal report written within Lloyds called the Turnbull Report . It was commissioned by Lloyds , but they now deny it was commissioned by them . They did ( so ) because I ’ ve got their internal emails ( which ) lays-out quite clearly what went on within Lloyds bank . ( Yet ) Lloyds say not only did ( they ) not commission it , but it it an unsubstantiated report . But it was written three years before they admitted to a fraud that is clearly laid out in this report . So it is pretty well substantiated .
The Financial Conduct Authority has sat on that report for several years …. for three years anyway . I ’ ve made absolutely certain now that it has gone to the Home Office , it has gone to the Serious Fraud Office , and I hope that something will now be done
ITNJ Special Court Seating
Global Financial Corrupton & Collusion page 60
Lloyds ran-up a bill, I believe it was about £900 million I find it quite extraordinary that the chairman of the for lawyers last year, and one wonders whether it is Financial Conduct Authority, until the beginning of protecting the banks, or the boards of the banks. I have this month, was a very senior partner of KPMG that considerable doubts. I think there were a number of did the audits of the HBOS bank. They overlooked a things we need to do to put a stop to this. I think we’ve fraud that approached a million pounds, and a multi- got to have a proper Chapter 11 system in this country multi-billion pound hole….probably approaching £40 (where) you cannot bankrupt a company overnight. billion, in the accounts. (Yet) the man went on to be Every other country has one, we don’t have one. I the chairman of the Financial Conduct Authority. think you’ve got to remove the Statue of Limitations in bank cases, so that they can’t deliberately put off The chairman of the Financial Reporting Counsel who cases indefinitely (until they run) out of time. I think keeps an eye on the auditors gave KPMG a clean bill you’ve got to have a proper Tribunal System set-up to of health last year. His previous job was chairman of sort-out compensation for the people that have been Lloyds when this was going on. So how on earth do defrauded. I think it should be compulsory for at least people expect to get justice for a system like this? half the board of a bank (to) be qualified (as) bankers. I think you got to put a stop to the unlimited personal Now I go from this meeting this afternoon (to) a guarantees that are outrageously abused. meeting with Andrew Bailey who is the chief executive of the Financial Conduct Authority. He has asked People with small debts were bankrupted, then had me to go and see him and we’re going to have a very their assets stolen off them - worth many many times interesting conversation I think. I don’t know quite their original debt. That is divided-up between the how we stop this. cronies. In my view, the insolvency practitioners and others, (along with) vast sums of money simply In 2013 there was an internal report written disappear. Where did all the money go from the HBOS within Lloyds called the Turnbull Report. It was case? I think probably at least £600 or £700 million commissioned by Lloyds, but they now deny it was went straight abroad. I think we only recovered about commissioned by them. They did (so) because I’ve £15 million out of a vastly bigger sum at the moment. got their internal emails (which) lays-out quite clearly Who made the money and where is it sitting? what [ۈ][Y[ˈ Y] HY^BۛHY ^JH[Z\[ۈ] ]]][H۸&]]HH\X]H܈H\X[]H[X[X]Y\ܝ ]]\ܚ][YHYX\š[\Y]H]Y\KH[\H\HX\]HYܙH^HYZ]YH]Y]\X\HZY]؛[H[\Y[]ܞH]]ܚ]Y\ˈHXZ܈[\\ܝ ]\]H[X[X]Y ۙ\\HH[[X[ۙX]]ܚ]H[B[[X[\ܝ[[[8)YX[Y\[^YHH[[X[ۙX]]ܚ]H\]ۈ]ۈ]Y]ܜˈ\ܝ܈]\[YX\)܈YHYX\[]^Kx&]HXYHX][H\Z[]]\ۙHHYHٙXK]\ۙHH\[\]YٙXK[HH]Y][[HۙBUXX[\X][‘ؘ[[[X[ܜ\ۂ\[ۂYH