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Question: Did Hbos's Cummings & Hornby Also Profit?


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http://business.timesonline.co.uk/tol/busi...icle5813493.ece

Now, this is potentially dynamite. What if Goodwin was not the only catastrophic exec to take early retirement and benefit from NewLabour's kamikaze largesse?

The Times raises the question and, revealingly (or not) Lloyds is refusing to answer the question ...

What are the odds, folks? If these two piggies are also in the double pension money, there will be a bloody revolution.

Myners to resign pronto?

Last night, as the row about the £17 million pension deal secured by Sir Fred Goodwin, the former chief executive at RBS, continued to rage, Lloyds refused to say whether the former HBOS executives jettisoned after the merger were given enhanced pension rights.

Andy Hornby, HBOS’s former chief executive, has accrued a pension pot of £2.4 million from the bank while Mr Cummings has a pot of £5.97 million.

A spokesman for Lloyds Banking Group declined to comment when asked whether Mr Hornby, who is 42, and Mr Cummings, who is 52, took early retirement when they quit and so boosted their pension pots.

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As Andrew Neil suggested on This Week last night, it may be a good time for these guys to leave the country. I don't think he was joking.

There will be more than those 2 and Fred, the more come out the woodwork the less likely any of them will need to hand anything back. The Govt will regret ever going after Fred.

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How does this pensions fiasco leave other people, lower down the ladder, who might have been sacked for incompetence or summarily dismissed by these banks? Do they get their pension entitlements? If not, could they challenge?

Quite so, and also think how nervous government ministers must be feeling about setting a precedent if Brown decides to strip Goodwin of some pension rights. If incompetence really can be punished ex post facto, then the NuLab crowd must be scared of cutting their own throats.

The gods of irony are awakening!

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As Andrew Neil suggested on This Week last night, it may be a good time for these guys to leave the country. I don't think he was joking.

yep - the English finance chap who engineered national bankrupcy in France in the 17th C (or whatever - a bit like the South Sea crisis over here) had to leave the countryunder armed guard for his life... Easily could happen here.

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yep - the English finance chap who engineered national bankrupcy in France in the 17th C (or whatever - a bit like the South Sea crisis over here) had to leave the countryunder armed guard for his life... Easily could happen here.

It wont happen here until the pension companies collapse.

Then half the banking industry will up stick and more to the cayman islands.

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