Tuesday, February 10, 2009

HBOS whistleblower blows it too late

http://news.bbc.co.uk/1/hi/uk_politics/7882119.stm

Sir James Crosby allegedly sacked HBOS executive Paul Moore in 2005 after he warned the bank's board about its potentially dangerous "sales culture".

A man knows his employer is likely to break a few rules and regulations but what does he do? He doesn't go to the Financial Services Authority's confidential whistleblower hotline, oh no, he agrees a payout and signs a 'gagging order'. That way he doesn't lose any of his money but the rest of society lose their shirts for a few generations.

As a Barrister I'm sure he would know that a 'gagging order' is unenforceable in court when the release of information is to the police or the regulator!