The Sovereign Voice ITNJ Commemorative Issue - Page 62

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