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Really clever Bankers
I see the Board of HBOS took a hammering from the shareholders at the AGM over the proposed rights issue.
Poor HBOS is strapped for cash evidently.
The shareholders didn't seem to think much of the rights issue announcement. How could they justify their huge salaries? Were those responsible for the high risk lending strategies going to lose their jobs? The Chairman's response? He holds 400,000 shares and will take up the rights issue. He has every confidence in the company. Very interesting, and with his salary no doubt he can afford to buy some more shares. But how about answering the question?
Will anyone lose their job?
He didn't get around to that apparently. So it seems more and more that the old idea of accepting responsibility for your own actions really has gone out of the window.
The justification usually seems to be; I got us into this mess so I'll stay on, continue to be paid a vast salary and try to get us out of it.
After all, I'm the man/woman best placed to solve the problems which I created. It occurs to me, on that basis, that the best way to job security is to make a complete hash of your duties.
Be a failure and have a job for life. Don't know about you, but I'd be willing to give it a try; it can't be that difficult can it? It seems the converse is true as well. Do a half way reasonable job and you'll be sacked. Sven Goran Erickson is just discovering that apparently. But then what do I know?
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This intel was contributed by katnic
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May, 2012
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