Lloyds Banking Group, the financial behemoth formed from the September 2008 “merger” of Lloyds TSB and basket-case Scottish lender HBOS, is a bank that never ceases to surprise me.
Take the bizarre contortions the bank has got itself into over the alleged £1bn plus Bank of Scotland Corporate fraud — something I’ve been following off and on since September 2008.
Since last summer, the matter has been the subject of a full-on criminal investigation, code-named “Operation Hornet”, led by the Economic Crime Unit of Thames Valley Police and the UK’s Serious Organized Crime Agency.
Hundreds of witnesses and suspects have already been interviewed, right up to the highest levels in the former HBOS, as part of what has been described as “the largest fraud investigation in UK history” by one of the police officers involved. http://www.nakedcapitalism.com/2011/03/the-1bn-plus-hbos-fraud-investigation-that-lloyds-keeps-trying-to-brush-under-the-carpet.html
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