Word: stevenson
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...Andy Hornby, the former chief exec of HBOS, which was taken over last year by rival Lloyds to prevent a run on the bank, said he was "extremely sorry for the turn of events." Dennis Stevenson, Hornby's chairman at HBOS - which, along with Lloyds, got a $25 billion bailout from the government in return for 43% of the combined group - was "profoundly and unreservedly" apologetic. And really giving it his all, Fred Goodwin, ex-boss of the Royal Bank of Scotland (RBS), rescued by British taxpayers last fall with an even bigger bailout, said he "could not be more...
...said Hornby, who stepped down as its CEO in 2008 after only two years in the job, "years of reliance on wholesale funding left us in a vulnerable position." No kidding. When the meltdown in those markets occurred, HBOS was history. "The fundamental mistake that HBOS made was," said Stevenson, "it failed to predict wholesale collapse of wholesale markets...
...Still, for all the needling - bankers were submitted to three hours of lawmakers' questions - taxpayers got little in the way of detail about how or why the banks blew it. Stevenson insisted the HBOS board "was all over" risk management and "stress-testing." It was external factors, he said, that ultimately did it for the bank. Goodwin claimed that at "no point did anyone get the scale or the speed of [the slowdown], and that was what was so damaging about this...
...destiny had willed it, the ball bounced a few yards into the welcoming arms of Utah linebacker Stevenson Sylvester. He recovered the ball and in doing so ended Alabama’s season. As the crowd roared, Sylvester picked up the ball and celebrated, running in a crouch with his palms facing the ground and pumping his arms as if he were double-dribbling. The act lasted less than three seconds, but a flag was thrown. Sylvester was charged with a personal foul for unsportsmanlike conduct...
...course, Chicago roots aren't always enough for a candidate, as Adlai Stevenson proved twice. But for now, Republicans might need to look for a new line of attack. With Obama on his way to the White House, the Axelrod-Emanuel-Podesta trio by his side and Illinois Senator Dick Durbin the new center of influence in the U.S. Senate, Chicago Democrat appears to be a winning label...