In These New Times

The British oligarchy like to resolve things for themselves before people take to the streets, Are they, then, about to pass the poisoned chalice of political power to the Tories?(as if they can’t in any way be held responsible for the plight of modern Britain)

We always used to say that the methods used in Northern Ireland would be used in mainland Britain: that extends, seemingly, to the supergrass.

Independent

15th February, 2009

The HBOS whistleblower whose revelations led to the resignation of one of the Government’s top regulators is about to release a tranche of documents which he says point a direct and accusatory finger at Gordon Brown’s responsibility for the banking crisis, and has called on the Prime Minister to resign. In a further blow to Labour, an Independent on Sunday poll showed voter support for the party evaporating, leaving it only a few points ahead of the Lib Dems.

Paul Moore, the former head of risk at HBOS, told the IoS that he has more than 30 potentially incendiary documents which he will send to MPs on the Treasury Select Committee. He says they disprove Mr Brown’s claim about the reasons for HBOS’s catastrophic losses – now estimated to be nearly £11bn – and show that it was the reckless lending culture, easy credit and failed regulation of the Brown years that led directly to the implosion of British banks.

After Mr Moore’s explosive testimony at the MPs’ banking hearing, the Prime Minister had denied the former executive’s central charges and said that HBOS’s difficulties were due to its flawed business model. Mr Moore says his documents refute this and prove the cause of the crisis can be laid at Gordon Brown’s feet. He believes Mr Brown’s failure to intervene over the reckless lending undertaken by all the banks over the past decade means he should go. “The failure goes right to the heart of the system – to the internal supervisory system and right to the top of government.”