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Bank bosses face MPs' music

By Channel 4 News

Updated on 10 February 2009

Former bankers of bailed out RBS and HBOS appear before the treasury select committee.

Lord Stevenson is the first of the four to say he is "profoundly and I think unreservedly sorry at the turn of events".

In the hot seats

Sir Fred Goodwin
Famed for his zealous cost-cutting Fred 'the Shred' Goodwin is the former chief executive of RBS. When his bank took over Dutch rival ABN Amro for £49bn in 2007 he boasted it had put RBS at "the top of the premier league". Now that merger has become a symbol of banking excess and over confidence.

Andy Hornby
The man from the Halifax, Hornby became chief executive of the retail division when HBOS plc was first formed by the merger with Bank of Scotland. In 2005 he became the chief operating officer before taking over as chief executive of HBOS plc in July 2006. He resigned when the government stepped in with its bailout. Hornby waived a multi-billion pound pay off when he left following the completion of the Lloyds TSB deal last month.

Sir Tom McKillop
Chairman of the part-nationalised Royal Bank of Scotland until last Tuesday. Sir Tom stepped down early to allow his successor Sir Philip Hampton to complete the overhaul fo the bank. He was paid £750,000 as head of the bank in 2007.

Lord Stevenson
The former chairman of HBOS, he announced his resignation alongside Andy Hornby. A director of Halifax since 1999 and chairman of HBOS following the 2001 merger.

The bonus culture

Sir Fred Goodwin tells the committee that the bonus culture 'imported' from the US was "a source of angst within the banks".

Cost to the taxpayer

Tory MP Michael Fellon accuses former RBS chairman Sir Tom McKillop of having "destroyed a great British bank" which "cost the taxpayer £20bn" during his questions on the bank's takeover of ABN AMBO.

Assigning blame

In response to a question from Labour MP John Mann, Andy Hornby said that he did not believe he was "personally culpable" for the bank failure, while Fred Goodwin replied: "I fully accept my responsibility".

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