The first trial is set for the Southwark Crown Court. Many are optimistic that this will open the flood gates to a number of other prosecutions around the world. It's time for the bankers to pay!
Press TV reports:
Two former senior HBOS managers and six other defendants will appear in court this month. The heavily postponed trial was originally scheduled to start in the beginning of the year. The defendants were initially charged in 2013.
Those charged also include bankers David Mills and Michael Bancroft, as well as their wives, who are accused of giving money and “numerous high-value gifts” to HBOS managers in exchange for favors.
The alleged scam was exposed by Thames Valley Police after a two year investigation code-named Operation Hornet.
HBOS collapsed in 2008 and was bought by UK-backed Lloyds TSB. Its one-time head of corporate lending, Peter Cummings, was fined £500,000 and was banned from the banking industry.
The British government bailed out Lloyds at the height of the financial crisis in 2008 at a cost of some £20 billion, handing the state a 43-percent stake in the bank.
For those still confused about what actually happened in 2008 behind the scenes, and how the bankers screwed the world's population, check out the Academy award winning documentary "Inside Job" by Charles Ferguson and narrated by Hollywood actor Matt Damon;
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