Greed, Incompetence and the Next Global Grisis
Bad Banks is a gripping account of the problems and scandals that continue to bedevil the world’s banking system some seven years after the credit crunch.
Written by a man with inside knowledge of all the major players, itis the story of how the economic crisis continues to haunt us, and why the unchecked recklessness of some banks is still a threat to our financial future.
Bad Banks follows the fortunes and misfortunes of individual banks, from RBS to Lloyds. It exposes instances of mis-selling, money laundering, interest rate fixing and incompetence. And it considers the bigger picture: how the failings of the world’s banking system are threatening to undermine our future economic security. Alex Brummer, the City Editor of the Daily Mail, has had access to all the major players, from HBOS’s Andy Hornby, to former Governor of the Bank of England Sir Mervyn King, to the ex-Chief Executive of Barclays, Bob Diamond, to Lloyds’ António Horta-Osório. His book is an insightful – and terrifying – account of institutions once renowned for their probity, but now all too often a byword for incompetence, and worse.
First published by the Random House imprint (Penguin Random House, 2014)
‘Like a surgeon at his operating table, Brummer dissects each British, American and European scandal of the last 10 years. He spares nobody, but his demolition job is made all the more powerful by the sparing language he deploys towards his targets. This is controlled menace at its best.’
‘He (Alex Brummer) is a doyen of British financial journalism and it shows in the maturity of his judgments and breadth of his knowledge.’
The Financial Times