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The former head of risk at HBOS claimed that he warned the board repeatedly that they were taking risks with financial stability and consumer protection during his employment there between 2002 and 2005.
He was sacked and gagged by HBOS after reaching an out of court settlement.
Who did he point the finger of blame at? Sir James Crosby, then the chief executive of HBOS
Where is Sir James Crosby now?
He's deputy chairman of the chief City regulator the Financial Services Authority and a senior adviser to the Government.
I don't think there's any hope.
But makesure he gets a good pay out.
40 pieces of silver is the going rate.
It is a disgrace the failing banks are using public rescue money to fund bonuses. There's no excuse for that.
On the other hand it is downright misleading of UK media to make scapegoats of our bank bosses and blame them for the whole world's financial mess.
Take a global view. Obama seeks and gets an astronomical sum from Congress to re-start US economy. The IMF fears its monetary fund will dry up. Unemployment rises in developed countries.
Does anyone think this world trouble began in the UK?
Certainly hound them for the bonuses.
I'm sorry, but a bonus should be a reward for exceeding targets, it shouldn't be a guaranteed payout written into a contract...
In 1995 unchecked risk taking by Nick Leeson resulted in the collapse of Barings Bank.
He got 6 years in a Singapore jail.
What's the difference?
As the thread title says "You couldn't make it up"
You are right, the contracts of employment should not be broken. Where there is a clash in requirment of a contract and the law, the law takes precedence.
There's no need even for this. If Darling hadn't stepped in with public funds the bank would now be insolvent, there would be no bank employees,and no salaries nor bonuses...
So Darling ought to have applied a condition that bonuses are suspended for an unlimited period,... or the bonus obligation is annuled. The power of Parliment would see off any legal difficulty.
Isn't 'Bonus' short for 'Performance Bonus'?
for the mess we're in, and we've settled on the senior management of the banks involved as being suitable candidates. It helps people to be able to focus their anger on someone, so a parliamentary committee duly obliges by parading a selected band of penitent bankers in front of the cameras and gives them a bit of a grilling.
Apologies are made, but in the words of a TV vox pop interviewee 'Anyone who thinks that was a genuine apology should see a psychiatrist'.
We want scapegoats, but when we have them we're not satisfied, we want more and more by way of retribution. It's an understandable aspect of human nature, but in real terms it achieves nothing; we know mistakes were made, but millions of us happily went along for the ride - we borrowed far more money than was prudent.We made mistakes, or at least huge numbers of us did, but of course we aren't being questioned by parliamentary committees because our errors of judgement haven't individually brought about a recession. Lump us all together however, and we're not looking so good - it's our failure to reign in our credit card debt, and our failure to say 'no thank you, I can't afford those huge monthly repayments' that has contributed in a major way to the situation in which we find ourselves.
Whilst we're quite rightly saying that someone who was paid £4.2 million a year to manage a major bank has failed dismally, and is a disgrace to his profession, we shouldn't lose sight of the fact that if people like us hadn't been taking the money in truckloads the banks might not have ended up in quite such a big mess.
A recession isn't caused by a few thousand banking executives making bad loan decisions, it's caused by a nation of business people and borrowers allowing themselves to be swept along on a tide of irresponsibility. We all enjoyed it while it lasted, and now we have to pay the price. It's time to stop witch hunting and start working.
The title of this thread is about right. I have just been watching todays 'interview' of the bankers who were 'partly' responsible for this financial mess. One person who lost his position, is now employed on a consultancy basis for the same bank, on a monthly retainer of £60.000.
That about says it all, in my books :O((
When the government decided to invest public money in these failed banks, they should have wiped the slate clean, and gone in a new owners. Other countries seemed to have placed limits on banks, as the way forward, I wonder why the UK hasn't followed in a similar way.
The same might be stated about so called watchdogs, who in the main, appear to safeguard themselves, by appointing people from within.
But my contract states that any personal bonuses are subject to the profitability of the company.
No point paying bonuses if the company has no money to pay them with, which seems to be the case here...
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