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The financial crisis and its aftermath have unearthed widespread wrongdoing in the City, from the fixing of Libor to laundering of drug money and the mis-selling of protection payment insurance.
Mr Osborne also announced that banks will no longer be able to offset the compensation they pay and costs they incur for mis-selling protection payment insurance against corporation tax.
Huge amounts of wealth have been transferred from normal people to corporate elites and wheeler-dealers through the pensions mis-selling, mortgage endowment, split trusts, protection payment insurance and other scandals.
The 66-year-old American was chief executive when the high street lender was up to its neck in the protection payment insurance scandal, the mis-selling of which has so far cost Lloyds £18bn in compensation.
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By laundering protection payments through the various service providers, Mr. Ianniello protected himself for many years from the notice of law enforcement.
Anyway, labs that were up to date on their protection payments usually had nothing to fear.
Such organizations engage in offenses such as cargo theft, fraud, robbery, kidnapping for ransom, and the demanding of "protection" payments.
Do they move to take up the job offer, increasing their income but losing their transitional protection payments?
Its report concluded that "protection payments for safe passage are a significant potential source of funding for the Taliban".
One approach to creating income protection is to require companies to pay pro-rata income protection payments for all their workers, not just employees.
Historically, "call" protection payments payable upon an "optional redemption" were thought not to be payable when debt was accelerated following default.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com