rwill19050 wrote:
Yes it is,
I had a friend who committed suicide because his business was screwed by her.
Cost him his house, his family and his sanity.
And yes, I too was hit, (just like thousands of other small business men), but it was just my business that failed, luckily I had the foresight not to put my house up to fund it.
Her policies cost this country dear, we are still paying the price and will be for a very long time to come.
And her policies live on with David Cameron:
PM declines to back Crosby pension cut
By Kiran Stacey, Elizabeth Rigby and Hannah Kuchler
©PA
David Cameron has refused to back calls for Sir James Crosby, the former HBOS chief executive, to give up some of his £20m pension pot, after a parliamentary report accused him and two other former directors of the bank of presiding over a colossal failure.
Downing Street said on Monday morning the prime minister did not agree with cross party calls for Sir James to give up at least part of his pension immediately, and potentially even his knighthood.
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A Number 10 spokesman said: This report will feed into a wider report by the parliamentary commission due in the coming months. The government will look closely at both of them to see if there is anything more that can be done with regards to anyone being held accountable.
The official also said the prime minister would not get involved in the issue of Sir James losing his knighthood, which Downing Street said would be an issue to be decided solely by the Forfeiture Committee, which is chaired by Sir Bob Kerslake, the head of the civil service.
This contrasts with the prime ministers response when Fred Goodwin, the former RBS chief executive, was facing similar calls. Mr Cameron at that time intervened personally to urge the Forfeiture Committee to investigate removing Mr Goodwins knighthood, which it did just weeks later.
Pressure is increasing on ministers to take action against Sir James, however, with David Ruffley, the Conservative member of the Treasury select committee and former corporate lawyer, becoming the latest MP to call for his pension to be scaled back.
Mr Ruffley told the Financial Times: Changing someones contractual arrangements retrospectively is very difficult to do in law. But there is a huge taxpayer-owned stake in Lloyds HBOS and I would like ministers to explore whether this astronomically high pension for proven failure should necessarily be supported by the British taxpayer.
An adviser to Vince Cable said on Sunday that the pension may be under scrutiny. The Liberal Democrat business secretary is pressing for three of the former top HBOS directors to be banned from serving on company boards.
Sir James received an annual pension entitlement of £572,000 when he left HBOS seven years ago. Taking into account the ceased lenders rules on how to adjust its executive pensions for inflation, this is likely to have risen to at least £684,000 by the end of 2012.
Lord Oakeshott, a Liberal Democrat peer, told the Times on Monday that if HBOS had been allowed to fail, Sir James would only receive £30,000 a year under insolvency rules. A gesture of gratitude from him to long-suffering taxpayers wouldnt go amiss, he told the newspaper.
This pension is well above the amount received by Fred Goodwin, who ended up being stripped of his knighthood amid public outrage over his generous pension arrangements in the wake of the RBS collapse. He gave up a third of his previous £550,000-a-year pension only after intense public pressure.
This is the man who cost the British tax payer 38 BILLION POUNDS (58 billion $). His mal administration caused the collapse of the bank and yet he has a pension of £20 millions!