How Disgraced Bankers Ought to Behave: Former Bank Chief Seeks to Give Up Knighthood

mortgage bankers association
By: WSJ

LONDON—James Crosby, the former chief executive of failed lender HBOS PLC, requested Tuesday that he be stripped of his knighthood, and pledged to forgo nearly one-third of his pension following a scathing report into the collapse of the mortgage giant.

HBOS was bought by Lloyds Banking Group PLC in 2008 as the bank was sinking under a mountain of souring loans. The scale of the losses was such that Lloyds needed a £20 billion ($30.5 billion) bailout from taxpayers.

A parliamentary commission published a highly critical report last week on the demise of HBOS and recommended that Mr. Crosby and two other executives be banned from working in the financial-services industry.

Mr. Crosby left HBOS in 2006, and was knighted shortly after for services to the financial industry. Although he left HBOS several years before the bank’s demise, the commission’s report questioned the role he played in shaping the bank’s strategy.

Mr. Crosby said Tuesday he was “deeply sorry” for what happened and took the rare step of asking to have his knighthood removed.

Rest of the story here…

via My Debt Release http://feedproxy.google.com/~r/MyDebtRelease/~3/pcSXy1UN4kc/how-disgraced-bankers-ought-to-behave-former-bank-chief-seeks-to-give-up-knighthood

Advertisements
This entry was posted in My Debt Release news and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s