Three former bosses of HBOS were blamed today for the collapse of one of Britain's biggest banks at a cost to the taxpayer of a staggering £20 billion.
A damning Parliamentary report said the downfall of HBOS was caused by the "toxic misjudgments" of Sir James Crosby, Lord Stevenson and Andy Hornby.
ITV News' Business Editor Richard Edgar reports:
A former boss of state-owned bank HBOS has said he will hand back his knighthood and almost a third of his pension after damning criticism.
A parliamentary report published today catalogues the foolish ambition which led to the collapse of the Bank of Scotland and Halifax.