Lloyds of London rescuer called in to save Northern Rock

Mr Sandler dismissed groups of discontented Lloyd's Names such as The United Names Organisation as a "small and not significant number of people."

One wonders how many of those insignificant names had to go to the wall so that Lloyd's of London could survive?

http://www.safe-online.org/Parliament-was-Deceived.html

For any auditors on Aweb, possibly the following would ring warning bells:

... We are writing this letter, not only on behalf of ourselves, but also on behalf of the following firms of panel auditors:

Arthur Young McClelland Moores & Co
dePaula, Turner, Lake & Co
Ernst & Whinney
Putcher Head & Gilberts
Littlejohn & Co

....The Audit Instructions (Clause 3) require that if there are any factors which may affect the adequacy of the reserves, then the auditor must report to the Committee and obtain their instructions before issuing his Syndicate Solvency Report.

We consider that the impossibility of determining the liability in respect of asbestosis falls into this category and we accordingly ask for your instructions in this respect ...

The following makes interesting reading:
http://www.truthaboutlloyds.com/fraud/myth82.html

... A meeting was held at LloydÆs between Mr Ken Randall , accompanied by Mr M Bowmer one of his assistant Managers, and Mr Blake (Neville Russell) accompanied by representatives of several firms of the panel auditors.

The panel auditors expressed grave concern regarding the question of reserving for asbestos related claims and said they wanted to give me advance notice of a formal approach to LloydÆs for guidance. They said that, if auditors took a proper view of the reserves needed by syndicates as at 31 December 1981, auditors would not be able to sign-off reinsurance to close the 1979 account of many syndicates facing asbestos claims and these syndicates would have to leave the 1979 account open. Mr A Blake and his colleagues said that, for auditors to be satisfied that the provisions were sufficient to meet claims incurred but not reported, the provisions for future asbestos claims would be so large that the entire LloydÆs market would be bankrupt. The auditors were in a dilemma. If they insisted upon syndicates creating proper reserves, the market would be bankrupt. If the syndicates could not create reserves large enough to meet future claims, very many syndicates would not be able to close their 1979 years of account.....

Very simply if you have a liability that is likely to bankrupt you - simply ask others to join the party without notifying them of the risk. That way you reduce your own exposure & mutualise the downside over unsuspecting punters - good move

By ignoring all this and forcing Equitas through Mr Sander was effectively party to this debacle