Dear oh dear. If you ever wanted to know why Sir James Crosby was unfit to ever be appointed deputy chairman of the FSA, read THIS
blog by Paul Waugh. He reveals that Sir James's pensions package from HBOS entitles him to an annual pension of £572,000 per annum. No wonder the bank almost went under.
Those figures relate to 2006. Have HBOS only just filed their 2006 numbers? If so I think that raises serious questions!
It's just a teensy weensy bit difficult to see how he could take that sort of pension and be INDEPENDENT in his role in the FSA.
Not that there is evidence of anything wrong. But that kind of pension makes one look favourably on your past employer.
And of course what the FSA needs to do at times is to be horrible to banks..
I wish people would stop this inane, irresponsible and pandering line suggesting contracts are broken.
First bonuses and now pensions.
If the State dislikes it, and it ruddy well should, threaten to dump the shares and mean it.
Can't? Cost too much? Who's fault is that?
Crosby? No, it is Darling Brown.
I sort of feel sorry for Gordon Brown - these bankers have clearly been running absolute rings around him for 11 years.
...... but then you remember Gordon boasting about ending boom and bust and how the UK is best placed for the recession and how he knifed Tony Blair to get the top job - and the sympathy just ebbs away.
Regarding our Prime Minister:
He should never have been so close to these businesses to have been in the position to be "run around" in the first place.
I always maintain that standing back at arms length allows one to see the bigger picture much more easily. Though as I'm just a lowly research student, in an area not remotely related to politics or banking I'm well out of my depth!
I pity Brown because I honestly do not know if he believes what he is saying - and he must know that he is 90% certain to lose next May, which must be horrible for him.
As for this pensions fiasco, it is rather bad that he (James Crosby) was appointed to the role of regulator with known conflicts of interest. Well, that is assuming he told anybody about this conflict of interested before his appointment.
Nick Clegg has made another gaffe, Look here Paul Waugh has supplied a cracking article:
Alternatively I have commented on:
And a bus pass at 60 - Lucky boy.
I used to work for HBOS. Every month Crosby would appear on our internal propaganda TV channel telling us everything was wonderful. As I contemplate my £1300 per month nett pension, I leave you to imagine how I feel about his £10,000 + per week.
The man should have his assets and title taken away.
When is there going to be an action against people like him, including Brown?
How did HBOS manage to award Sir James Crosby £572,000 pa pension when their accounts state that pensions accrue based on thirtieths - so he would need 20 years service to get a 2/3rds pension - he only had around 12 years service?
I'm with Cherami (6pm) on this.
An Act of Attainder should be passed depriving this oaf of his title and accrued pension rights.
Paul Dacre, editor of the Daily Mail, also has a pension fund of over £10 million, but never seems to mention it while ranting at others.
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