Word: hbos
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...Andy Hornby, the former chief exec of HBOS, which was taken over last year by rival Lloyds to prevent a run on the bank, said he was "extremely sorry for the turn of events." Dennis Stevenson, Hornby's chairman at HBOS - which, along with Lloyds, got a $25 billion bailout from the government in return for 43% of the combined group - was "profoundly and unreservedly" apologetic. And really giving it his all, Fred Goodwin, ex-boss of the Royal Bank of Scotland (RBS), rescued by British taxpayers last fall with an even bigger bailout, said he "could not be more...
...truth, the apologies - much like the banks' dodgiest assets - are of limited value these days. Failures at HBOS and RBS forced the British government into a $55 billion bailout in October, saddling it with more than a trillion pounds (roughly $1.4 trillion) in liabilities. In a jam-packed committee room, the former bankers picked over their biggest mistakes. Shelling out some $15 billion for a chunk of rival Dutch lender ABN Amro in mid-2007 - when all the signs were pointing to a testing time for banks - was "a big mistake," Tom McKillop, RBS's former chairman, told the committee...
...year. Two famous British banks have already imploded--Northern Rock and Bradford & Bingley. And after a dramatic plunge in the stock price of other banks, on Oct. 8 the British government announced an emergency $88 billion recapitalization package that includes partially nationalizing three other banks: Royal Bank of Scotland, HBOS and Lloyds TSB. The City has been through enough slumps to know what to expect next: layoffs, shrinking bonuses for those lucky enough to keep their jobs, and a new frugality regarding expense accounts. This will inevitably have repercussions on housing prices and also on goods and services that boomed...
...government ended up nationalizing, whose near failure raised serious questions about the effectiveness of U.K. banking regulation. Then came a damaging political storm over the taxing of "non-doms"--wealthy foreigners who move to Britain and are taxed on their U.K. income only. Following last month's rescues of HBOS and Bradford & Bingley, the big question is, What sort of new regulatory measures will be put in place as a result of the current market meltdown...
...comes the bank bailout, and with it, a huge increase in government borrowing. British Prime Minister Gordon Brown has been the first to detail his national package, and it's making fiscal hawks shudder. It involves injecting up to $65 billion into three British banks - Royal Bank of Scotland, HBOS and Lloyds TSB - in exchange for equity stakes...