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