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Courtesy The Guardian....
Former HBOS chief under pressure to give up pension
Politicians call on Sir James Crosby, pilloried in last week's report on the HBOS bailout,
to give up part of £20m pension
Sir James Crosby, the former chief executive of HBOS, is under pressure to hand back
some of his £20m pension pot.
The former banker fingered last week for a "colossal failure" of management that led
to a taxpayer bailout of one of Britain's largest banks is facing mounting calls from
members of parliament to hand back part of his £20m pension pot.
Sir James Crosby, the former chief executive of HBOS, is being pressured from both sides
of the House of Commons to voluntarily reduce the pension he draws from the bank
, which is thought to pay him more than £570,000 a year.
John Mann and Brooks Newmark, respectively Labour and Conservative members of
the Treasury select committee, as well as the Liberal Democrat peer Lord Oakeshott
, were quoted in the Times (paywall) calling for Crosby to rescind a portion of his
pension. Newmark told the paper: "Morally, given that he screwed up and following the
opprobrium that has been directed at him, he shouldn't be entitled to it."
Mann also drew parallels to the case of Fred Goodwin, the head of Royal Bank of Scotland
when it needed to be bailed out by the UK taxpayer, who had his pension cut and
knighthood withdrawn.
Mann said: "In terms of his title there is a precedent with Fred Goodwin and there needs
to be consistency. That should include handing a proportion of his pension back as well.
In the real world, he has cost taxpayers a lot of money."