Former bank chiefs apologise to Treasury Select Committee

| February 10, 2009 | 2 Comments

The ex-bosses of Royal Bank of Scotland (RBS) and HBOS have apologised “profoundly and unreservedly” for the near-collapse of their banks.

Speaking to the Treasury Select Committee, Sir Fred Goodwin, former chief executive of RBS said he “could not be more sorry” for the events that led to the bank’s demise.

Furthermore, ex-chairman of RBS, Sir Tom McKillop, confessed that the purchase of Dutch bank, ABN Amro, was a “big mistake”.

RBS has had heavy exposure to the US sub-prime mortgage market and analysts have been vocal in their opinion that RBS paid too much for the Dutch bank.

Meanwhile, Goodwin and McKillop said the bonus culture needs to be reviewed, since it played a part in the credit crisis. RBS has been subject to heavy criticism for receiving huge bonuses, particularly as it was bailed out by the taxpayer.

However, an official review into how banks are managed and how pay affects risk-taking is to take place, according to Chancellor Alistair Darling.

In addition, Andy Hornby, former chief executive of HBOS, echoed the comments of the former RBS chiefs and said the bonus culture needs ‘to be looked at’.

However, Mr Hornby said he had not received a bonus last year but said he had taken previous bonuses in the form of shares.

Lord Stevenson, ex-chairman of HBOS, admitted to failing to predict the credit crunch and both former chiefs of HBOS have apologised.

Finally, it has just emerged that RBS is to cut over 2,000 UK jobs - just hours after its apology.

According to The Times, RBS is planning 2,300 job losses in back-office functions and represent approximately 2% of its workforce. The Times reported that the losses will not affect customer-facing branch staff.

RBS is soon to be 68% owned by the Government.

Tags: ABN Amro, , , , , Sir Fred Goodwin, Sir Tom McKillop,

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  1. jack loach says:

    Pictet & Cie.- claim they are the “Rolls Royce”of swiss banks.

    Swiss Banks or more correctly Swizz banks.

    Swizz. —- “ a great disappointment.” or a “ fraud.”

    Fraud. —“ an intentional deception or dishonesty.”— “a crime.”

    Crime. —“ an act committed or omitted in violation of a law.”

    Serious Crimes .

    Conspiring to pervert the Course of Justice.
    Perverting the Course of Justice.
    Contempt of Court.

    The Establishment “ Cover up crimes”.

    The ‘Doyens’ of the establishment.’ ( Ivan Pictet and Monty Raphael.)

    Ivan Pictet.
    Managing partner in Pictet & Cie Bank .— Switzerland.
    President of the Geneva Financial Centre.
    World Bank.committee member.
    United Nations. Investment Committee member,
    Vice President – Global Humanitarian Forum.
    Member of the Henokiens.
    Blackstone Group — Board Member.
    Past- President – Geneva Private Bankers association.
    Past –President – Geneva Chamber of Commerce and Industry.

    Monty Raphael.
    Quote.” —- Doyen of U.K. Fraud lawyers.
    Consultant & Head of Fraud and Regulatory Dept.
    Member of Board of Directors of the Fraud Advisory panel.
    Member of the Law Society of England & Wales.
    International Bar Association Member.
    Past President—London Criminal Court Solicitors Association.
    Past Chairman —of Anti Corruption Committee.
    Founder of Business Crime Committee of the International Bar

    Pictet & Cie Bank & Peters & Peters.

    The bank and it’s officials deliberately withheld crucial documents requested under a High Court order.The bank and it’s officials deliberately withheld evidence from the Police , and one of it’s account managers Susan Broadhead gave a false witness statement to the police.
    Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.)concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.)sought to have numerous documents destroyed,along with those copies held in their London office of P.A.M. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael – and the barrister Charles Flint.Q.C.) –later had to admit in Court that the documents were genuine.

    (1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.)

    (2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted .

    (3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .

    (4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael).

    (5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .

    (6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.

    (7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.

    On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.

    *** We thank —David Cameron. M.P. ( Canary Wharf Speech.) Dec. 2008.

    (1) Bankers who behave irresponsibly should face professional consequences.
    (2) If anyone is found to have behaved criminally they must be prosecuted.
    (3) The F.S.A. and the Serious Fraud Office should be following up every lead,
    investigating every suspect transaction .
    (4) We need to make it 100% clear –those who break the law should face
    (5) That we make sure we root out any wrongdoing that may have happened, whoever is
    involved ,however high or well connected they may be.

    Quote. ( America’s Top Lawyer .)
    You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.

    Full Story.
    Go to search box on “Google” and insert ( Ivan Pictet / Monty Raphael) or
    insert ( Pictet & Cie / Monty Raphael.) - - then try it on “Yahoo”.
    Or try (Jack Loach/ Ivan Pictet.)

  2. jack loach says:

    *** Were currently waiting to see if the West Yorkshire Police :-
    (1) Chief Constable. — Sir Norman Bettison.
    (2) Forces Solicitor . — Mike Percival .
    (3) Head Of Economic Crime Unit. — Det . Chief Inspector Steven Taylor.
    continue to attempt to cover this case up like their F.S.A. counterparts. If they do –“ then watch this space.”

    We were informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London.
    It has been noted that the book launch for PICTET was held at Lord Myners Belgravia home.We might as well have asked Ivan Pictet to investigate our complaint.-or someone from FRIENDS RE-UNITED.
    Lady Myners on Prix PICTET advisory board.

    The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

    Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”
    In America —- they would have all been in prison for the last seven years.

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