Thursday 13 November 2008

The HBoS aria

Just a few things rumbling about make me wonder.

I was under the impression that the Chief Executive of a company would be under some kind of obligation to get the very best deal possible for the customers and shareholders of that company and would be eager to avoid any conflict of interests or appearance of a conflict of interests.

I was surprised, therefore, on leafing through Banking Times to find out that Andy Hornby, our dear old friend from HBoS headquarters, is on a £60,000 a month sweetener from Lloyds TSB if the deal goes through. How, exactly, does he square that with a requirement to fight for the very best deal for HBoS interested parties?

The HBoS board has refused to countenance any deal other than the Lloyds TSB one, with board members saying that there is no other deal on the table. Methinks they do protest too much.

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