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Coral CEO Andy Hornby under scrutiny

Thursday April 4, 2013 : GAMBLING GROUP CHIEF UNDER SCRUTINY FOR FORMER BANKING ROLE
 
Coral CEO Andy Hornby likely to feature prominently in parliamentary commission's report on HBOS
 
The CEO of British land and online gambling group Coral, Andy Hornby, is likely to feature in a reportedly eviscerating parliamentary commission report into the failure of the HBOS bank being released today, reports the publication This Is Money.
 
Hornby was chief executive of the lender until it was rescued by LloydsTSB in September 2008, a decision that plunged Lloyds itself into a financial crisis that took GBP 20 billion in government bail-out money to stave off collapse mere weeks after the transaction.
 
This Is Money reports that the parliamentary commission's report will focus heavily on the part played by Hornby and his predecessor as chief executive, Sir James Crosby in the HBOS failure.
 
"Both men 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," This Is Money notes.
 
Peter Cummings, the former head of HBOS’s corporate lending division, is the only man to have been punished thus far. He received a GBPO 500,000 fine in September last year, along with a lifetime ban from working in the City.
 
Both Crosby and Hornby apologised for the part they played in the collapse of HBOS when they gave evidence to the banking commission in December.
 
The report is also expected to be critical of the role played at HBOS by Lord Stevenson, the former chairman, 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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NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

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NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

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NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

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