Is Lord Stevenson of Coddenham due to retire ? Expire ? Will Applegarth be asked to give MP's a lesson in offloading NR shares at market top ?
At his modest grilling and ritualistic half strangled apology for an apology on Wednesday by the doozies on HOC Treasury Committee the evidently flailing , and failing Lord Stevenson of Coddenham, 64 ("very close" friend of Lord Mandlebum although mybe body fluids remain unexchanged)ws asked about HBOS's response to accusations that it wasn't taking risk seriously, Lord Stevenson replied:
'Carefully arranged risk management systems, developed over the years with our regulator, did not spot scenarios coming up that have come up.'
(Now exposed by the sacked and legally gagged Risk Manager s having been resented, resisted and even ignored by Directors)
Well perhaps we could ask them to have a friendly fireside chat with Adam "Shagger" Applegarth (I cheat on my wife so fuck the shareholders who stupidly put their trust in ME)
Old Adam knew a thing or two in late 2006 .. and acted accordingly ... for his personal benefit
Adam Applegarth sold shares in Northern Rock in 2006 - he sold 111,426 shares for £1.06m. In January 2007. He sold his remaining 135,963 shares for £1.62m at near their peak price of £11.98 EACH . By August they were worthless. His 2007 payments from NR as an employee were £1.3m : half as a basic salary and half in bonuses.
At the time the Bank was expanding domestic residential mortgages, buy to let , and increased the interim dividend by 33%. (Which was never paid as they were insolvent)
Applegrth was also shagging his mistress from the Buy to Let department of NR (she also had £1 Mn of residential domestic mortgages to juggle with and drw a handsome rent on flash Newcastle Quayside properties)
An Apology to Lord Stevenson (Daily Mail ) Article 24th October 2007
"Captain of industry reveals how he suffers from clinical depression but carries on working 24th October 2007 This is how the story about how the man at head of HBOS, with no bnking qualifications exposed his problems ....(getting his defence in early ?...unfit to plead yer 'onnor)
One of Britain's captains of industry has spoken for the first time of his 'hellish' battle with clinical depression....
He continued to work throughout the illness, succeeding at his job but deriving no pleasure from it...
He has been free of depression for five years (Ed. since 2003 - see today's news re Gordon Brown at HOC - FSA warned HBOS in 2002 it was taking too many risks - remember Howard Davies resigned after 1 yer at FSA Dec 2002 see footnote)) and controls further attacks through a combination of anti-depressants and cognitive behavioural therapy.
Let us sincerely pray for the return to perfect health of Lord Stevenson of Coddenham and that he has no need to unexpectedly resign / retire / suicide / be murdered / run over / have an accident with a shotgun / fall off cliff / go for lonely country walk
Ditto His Ex CEO Sir James Crosby
FOOTNOTE BBC report on Sir Howard Davies resignation 12/12/02 the late lamented Consumers Association (and heavy smoker) Ms Shiela McKechnie told BBC News Online that someone be appointed that would protect the consumer first and foremost.
"The FSA needs someone from the outside to clean up the financial services industry, consumers are leaving in droves and confidence is at a low ebb."
"It's an earthquake," said Redmayne Bentley Stockbrokers director Richard Grossman. "Davies has been a voice of reason and proportionality in circumstances that haven't always been easy," said James Perry, a partner at law firm Ashurst Morris.
Sheila McKechnie, told BBC News Online in the immediate aftermath of the announcement.
"It is not a good time to change the person at the top. Sir Howard had the right attitude I see his resignation as a failure of the FSA not the individual."