Wednesday, 11 February 2009

The Blame Game Commences

Reverting to my earlier post entitled The Old Boy Network, the Telegraph has now published the statement of Paul Moore the former head of Group Regulatory Risk at HBOS. Whilst he makes a number of substantial allegations and also 'points the finger' at certain other employees of HBOS, one statement did stand out.

In using the story of the Emperor's new clothes as a simile Paul Moore states:

"Anyone whose eyes were not blinded by money, power and pride (Hubris) who really looked carefully knew there was something wrong and that economic growth based almost solely on excessive consumer spending based on excessive consumer credit based on massively increasing property prices which were caused by the very same excessively easy credit could only ultimately lead to disaster."

Read this bit Gordon? Oh, whys that?

The other points that strike one is the fact (a) HBOS settled with Paul Moore on his dispute for unfair dismissal, paying what Paul Moore himself called "substantial damages"; (b) Paul Moore has stated Sir James Crosby wrote of his decision to dismiss Paul Moore that it was "mine and mine alone”; (c) Sir James Crosby, in his resignation statement - also available from the Telegraph - repudiates the facts surrounding the dismissal of Paul Moore; and (d) if the version of this affair provided by Paul Moore is untrue how come there has not been an immediate announcement of court action by Sir James Crosby, or any of the other individuals named in Paul Moores statement?

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