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A load of bankers


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#21 John Drake

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Posted 09 April 2013 - 10:42 PM

I never intended my comments to refer to the tens of thousands of hard-working retail bank employees. I honestly thought that would have been understood. Sorry if I inadvertently gave any offence, none was intended.

 

I share the reservations of Saint Billinge about the demutualisation of the Building Societies. It blurred the traditional boundaries that people of my generation were used to. I am sure some financial expert can argue that it was a big improvement on what went before. I am sure I shall remain unconvinced by such argument.

 

Finally, it seems that there is honour among the HBOS execs. One of them has asked for his knighthood to be withdrawn. I've blasted them on here for failing to accept responsibility for the consequences of their actions, so it's only fair I offer my congratulations to James Crosby for doing so now.

 

It isn't honour, it is shame.

 

If it was honour, he would have handed the undeserved gong back at the time he almost collapsed the bank he was running, not wait until his behaviour was exposed and his name blackened by the official investigation. That's a bit like admitting you're guilty but only after the jury has delivered its verdict. And he's only forgoing 30% of his £580,000 a year (a year!!) pension from HBOS so he's not exactly going to be living in hardship, unlike many of those who have been left to pay for his spectacular management failures.


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#22 tonyXIII

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Posted 10 April 2013 - 08:29 AM

It isn't honour, it is shame.

 

If it was honour, he would have handed the undeserved gong back at the time he almost collapsed the bank he was running, not wait until his behaviour was exposed and his name blackened by the official investigation. That's a bit like admitting you're guilty but only after the jury has delivered its verdict. And he's only forgoing 30% of his £580,000 a year (a year!!) pension from HBOS so he's not exactly going to be living in hardship, unlike many of those who have been left to pay for his spectacular management failures.

 

I wondered who would be first to pick up on that aspect. I get what you say, but you could contrast his (admittedly belated) actions with those of Fred the Shred, who had to have his "honours" stripped from him and only accepted a reduced pension when parliamentary pressure reached boiling point. On the other hand, there is Stephen Hester, who voluntarily gave up a very large chunk (possibly all?) of his bonus during the last couple of years.

 

My only point is, after damning them for their actions, I should at least acknowledge their attempts to redress things.

 

(PS. I can't remember where I got the above information about these three, but it was probably a mix of wikipedia and online newspapers such as the Independent. The info does ring a bell, though.)


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#23 Saint Billinge

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Posted 10 April 2013 - 08:56 AM

Will anyone connected to the Libor scandal cop a sentence? Furthermore, no one at the top level of management at the former Financial Services Authority (FSA) will ever be held accountable over the appalling 'light touch' regulation of the banks and under the 'watchful eye' of the Labour Government. I'm sure one head guy  at the FAS is now actually working for Barclays. Out of the fire into a lucrative job!

 

Like I said on a previous thread, Ruth Kelly MP dismissed my concerns over the mountain of debt building up and 125% mortgages. This was several years before the credit crunch. Her reply of 'it's market forces at work' demonstrates how so out of touch she was. More likely, the Government of the day took a blind eye to it as it was boosting the economy, be it under false pretences.

 

As for the IFA sector, we had 100 pages of new rules given to us one January, only to see many of them changed within four months! We were drowning in rising fees and paper work. My PI cover went up from £500 annually to £5,000, from when I called it a day after 26 years of no complaints. 


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#24 Dave T

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Posted 10 April 2013 - 01:18 PM

I never intended my comments to refer to the tens of thousands of hard-working retail bank employees. I honestly thought that would have been understood. Sorry if I inadvertently gave any offence, none was intended.

 

I share the reservations of Saint Billinge about the demutualisation of the Building Societies. It blurred the traditional boundaries that people of my generation were used to. I am sure some financial expert can argue that it was a big improvement on what went before. I am sure I shall remain unconvinced by such argument.

 

Finally, it seems that there is honour among the HBOS execs. One of them has asked for his knighthood to be withdrawn. I've blasted them on here for failing to accept responsibility for the consequences of their actions, so it's only fair I offer my congratulations to James Crosby for doing so now.

No offence taken at all mate - i respect your views.



#25 Saint Billinge

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Posted 12 April 2013 - 10:38 AM

On the other side of the equation, such as the Royal Bank of Scotland is paying just 0.85% on its instant cash ISA. Of course, this is tax-free. At least the stock market is heading in the right direction. 


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