Big Four Tell of Price They Paid for Uk's Bank Disaster ; Banking Bosses Are Profoundly Sorry for What Happened

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Former bosses of bailed-out banks Royal Bank of Scotland (RBS) and HBOS said they were "profoundly sorry" yesterday and admitted they under-estimated the extent of the financial crisis.

Sir Fred Goodwin, former chief executive of RBS, which is now nearly 70 per cent owned by taxpayers, apologised - in a bruising encounter with MPs on the Treasury Select Committee - for "all of the distress that has been caused".

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Big Four Tell of Price They Paid for Uk's Bank Disaster ; Banking Bosses Are Profoundly Sorry for What Happened

But the ex-bank chiefs also claimed they had lost millions of pounds themselves and could not have foreseen the collapse in credit markets.

Andy Hornby, former chief executive of HBOS, said he "never received a single penny" of his bonuses in cash during his tenure while Sir Fred claimed to have lost more than pounds 5 million in shares hav...

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