Written by FSA employs the very people that caused the problems in the financial sector
Thank god he’s gone – if the FSA employs people from the commercial sector it is asking for problems. This guy and many like him are the cause of the failure of the banks as they were not able to see past the short term gains and look at long term stability (much like the current government so I don’t know why they are moaning).
There is no doubt in my mind that this Sir James Crosby will have shares in HBOS and so has a conflict of interest.
The FSA is supposedly in existence to stop bad banking practice – if you were involved in that bad practice and did nothing to try and stop it when you worked within that culture, you are not going to try and stop it when you leave.
The FSA needs to be truly independent and clearly needs to employ old school bankers who always err on the side of caution – you will then get the correct mix of innovative ideas from the banks which are steadied by the caution of the FSA.
I know this and I’m not an economist or mathematician.
Oh, and no-one in the banks should get any bonuses regardless of where they are in the business. You only have your jobs because my money was used to bail your companies out. Are you going to do the same for me if I lose my job because of the unstable economy your bosses have created? Be grateful you have a job and income and stop whining. I won’t be getting the pay rise I am due let alone any bonuses.
LloydsTSB are paying one of the failed HBOS managers £60k a month on a consultancy basis – I suggest if you want a bonus you ask him for a slice of that pie.
If any banks give any of the bailout money to staff as bonuses for failure then either I will start looking for a job in a bank as it doesn’t seem to matter if you screw up – you still seem to expect a bonus – or I will be looking to take my business away from the banks who have been bailed out and will move to a local building society.
Bonuses should only be paid for excellent work. Unless you think that you deserve a bonus for ruining the economy so well, you should not be expecting one.
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