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HBOS chief under attack over leaving package

Peter Cummings, formerly of HBOS, is this evening under attack for his £660,000 "parachute" and a £5.9 million pension pot. In what many see as the next stage of a government campaign to blacken the name of many former stars of the UK banking sector, the former head of corporate lending at HBOS could well see part of his remuneration package reclaimed by the authorities. However, is this the real point of the UK banking rescue?

As banks continue to hold back on increasing UK lending, savings rates continue to plummet and the UK taxpayer continues to fund many of the best-known UK banks the government is more interested in blacken the name of those it courted in the past. The vast majority of former chairman and former chief executives of the fallen UK banks have at some point been part of the government's "circle" of financial advisers. They have assisted with a vast array of funding arrangements for UK government investment plans and now they are being hung out to dry.

While there is no doubt that mistakes have been made it is worth remembering that each and every bank in the UK, and each and every company, has a board of directors for a particular reason, to ensure the smooth running of the operation and that the correct decisions are made. While the chief executive and chairman hold the highest rank in any organisation, they are not the be all and end all of all decisions.

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