Coral CEO Under Scrutiny for ex-Role in HBOS Bank

Andy Hornby, the CEO of British land and online gambling group Coral, is likely to feature in a reportedly "eviscerating" parliamentary commission report released today, and looking into the failure of the HBOS bank.

The parliamentary commission report will focus on the part played by Hornby and his predecessor as chief executive Sir James Crosby in the HBOS failure, when LloydsTSB came to the rescue in September 2008, plunging itself into a financial crisis that took GBP20 billion in government bail-out money to prevent collapse after the transaction.

Both Crosby and Hornby apologized for the part they played in the collapse of HBOS, but somehow they have so far escaped censure for the reckless lending spree at the bank which has saddled Lloyds with a GBP 50 billion in bad loans that will never be paid back.

Interestingly enough, the only man to have been punished thus far is Peter Cummings, the former head of HBOS’s corporate lending division who received a GBP500,000 fine, along with a lifetime ban from working in the City.

The report is also expected to be critical of the role Lord Stevenson, the former chairman at HBOS who was accused by parliamentarians of ‘living in cloud cuckoo land’ for claiming that he was not responsible for HBOS's troubles because he only worked there part time.

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