Tuesday, February 10, 2009

HBOS whistleblower blows it too late


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!