Tuesday, 17 February 2009

Now, in 2009 it is happening once again but this time with pensions.

Sir James Crosby former HBOS CEO.

Lord Simpson's sacking from the post of chief executive of Marconi follows one of the most catastrophic declines in UK corporate history.

Do you remember the summer 2001 and the name Lord (George) Simpson another peer made by this socialist liebour government. He bankrupted Marconi and walked away with more than a £1 million payoff. Before that in 1996 he set up the deal to sell Lucas Industries to a much smaller company called Varity and swanned off to GEC with an enormous cheque from Lucas.
In 1999 Lucas Varity was sold off to TRW and Victor Rice who was the CEO at the time got a £16 million pay off.

Among those we had others marching off into the sunset clutching big cheques in 2001 are Sir Iain Vallance British Telecom, David Salisbury of Schroders, Gerald Corbett of Railtrack and Allen Yurko of engineers Invensys. All of these business leaders, many clutching multi-million pound payments, have several things in common. The companies they left are worth Billions less than when they joined. Profits and in some cases, dividends to shareholders were slashed while they were at the helm and workforces shrunk in the name of cost savings. Yet in none of these cases did they apologise for their mistakes and they all left far richer than when they arrived. You, today can find them all swanning around some golf course enjoying life in the sun.

All of this and more has happened under the watch of this liebour government and flash Gordon.

Now in 2009 it is happening once again but this time with pensions.
The senior banker blamed for the crisis at HBOS is in line for a 'scandalous' pension pay-out worth more than half a million pounds a year, it emerged yesterday.
Sir James Crosby, a former adviser to Gordon Brown, was the chief executive of HBOS until 2006 and oversaw the bank's much-criticised reliance on the wholesale credit markets.

Last week Sir James was also (forced) to resign as deputy chairman of Britain's financial watchdog the Financial Services Authority, in the wake of allegations that while at HBOS, he sacked a whistleblower who warned of the looming crisis.
Despite the controversy, Sir James is due to get an annual income of £572,000 from HBOS after building up a pension pot worth a staggering £10.4million during his time there.
Well, Sir James wants us to focus on facts and not rhetoric.

Well, it is a fact that we the taxpayer are bailing out HBOS with billions of our hard earned money.

This liebour government and flash gordon should not allow that he and other HBOS ex leaders to employ clever lawyers to defend their positions in the collapse of HBOS; a collapse that has upset the financial system as well as our economy. With the authority and responsibility they held (which led to their large pension pots) goes personal accountability for HBOS' demise.

If Sir James isn't to blame and Lord Stevenson and Hornby don't believe they are personally culpable either, well, would they like to tell us who is?

Please don't insult us further by pointing a finger at an anonymous market as the cause of our problems, they are all in serious denial if they either don't accept their parts in the mess or believe that taxpayers and the increasing thousands of unemployed will believe them.

All HBOS board members are personally accountable for this mess and all the rest of us are paying for and those that are found guilty of gross negligence should not be allowed any further financial benefits of any kind including pension benefits.

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