Paul Moore, former Head of Group Regulatory Risk at Halifax Bank of Scotland, whose claims about risk taking at HBOS led to the resignation of its former boss Sir James Crosby from the UK's financial watchdog, reveals some very interesting insider experiences with the practices of bank lending, sales culture...
He answers some crucial questions:
Do the guys at the top of the banks understand that bank lending creates new money?
Do they consider the impact they have on economy?
Has anything actually changed since the crisis began?
"Incentives are all about sales."
"The Head of Risk himself in retail bank said that they pay no attention whatsoever to risk management."
"The banking crisis drove more than a hundred million people back into poverty, the mortality statistics of people who go into poverty, rise hugely... So, the banking crisis isn't just about becoming poorer, it was about killing people as well."