MPs committee to grill B&B bosses (From Bradford Telegraph and Argus)

Lets hope the questions include, 'why do you think its appropriate for you to accept your annual bonus?' And 'given that you have driven the bank into the ground, your job is available still, however your new salary is £18,000 a year, do you accept?' Unlike the old boss of Northern Rock, who by the way WE are still paying £60,000 PER WEEK!!! in consultation fees. Nice work if you can get it. So, there 'should' be some intersting questions, although i am sure the 'boys' will rally together as usual.

Where are the top boys disappearing to ?We all know where they should be going but keep a careful eye on the board of directors at the other FTSE100 companies where their mates are.
Perhaps an apartment in Santander ?

For the record:
(i) Rod Kent and his colleagues will receive no compensation or severance pay.
(ii) Kent has committed no crime, so talk of prison is grotesquely unjust.
(iii) When he took over as executive chairman, he was faced with a serious cash crisis. Yes, he might have handled the rights issue better; yes, his belief that one's word is one's bond was his undoing when TPG walked away from the deal with B&B.

After a distinguished 32-year City career, one (admittedly major) error of judgement will ensure that whenever Kent's name is mentioned, the B&B collapse will be linked to it. The man who four years ago was described by The Times as "the best businessman in the City" will be forever remembered not as Managing Director of Close Brothers plc but as the man who drove B&B into the iceberg.

When the share price began to fall sharply, Kent and other colleagues bought a substantial number of shares in an attempt to shore up the price. Kent's financial loss will probably be greater than any other indvidual shareholder in the bank.

That his efforts were unsuccessful is well enough known; that the rights issue was bungled is established fact. But to seek further retribution from Kent and his colleagues with talk of prosecution or prison is simply vindictive. Kent is a man of honour who will have ample time in the future to reflect on the disastrous six months that led to the bank's nationalisation.

It has obviously touched a raw nerve amongst one of our community;My heart bleeds for the main board.
.......not half as much as it does for all the employees who have a gun at their heads over the next six months with no prospect of similar remunerated jobs elsewhere.Jump or be pushed I know whose shoes most would prefer to be in!!

michaeljago wrote:
For the record:
(i) Rod Kent and his colleagues will receive no compensation or severance pay.
(ii) Kent has committed no crime, so talk of prison is grotesquely unjust.
(iii) When he took over as executive chairman, he was faced with a serious cash crisis. Yes, he might have handled the rights issue better; yes, his belief that one's word is one's bond was his undoing when TPG walked away from the deal with B&B.

After a distinguished 32-year City career, one (admittedly major) error of judgement will ensure that whenever Kent's name is mentioned, the B&B collapse will be linked to it. The man who four years ago was described by The Times as "the best businessman in the City" will be forever remembered not as Managing Director of Close Brothers plc but as the man who drove B&B into the iceberg.

When the share price began to fall sharply, Kent and other colleagues bought a substantial number of shares in an attempt to shore up the price. Kent's financial loss will probably be greater than any other indvidual shareholder in the bank.

That his efforts were unsuccessful is well enough known; that the rights issue was bungled is established fact. But to seek further retribution from Kent and his colleagues with talk of prosecution or prison is simply vindictive. Kent is a man of honour who will have ample time in the future to reflect on the disastrous six months that led to the bank's nationalisation.

SPOT ON, Michael. Rod Kent' foremost 'error of judgement' was accepting the Poisoned Chalice in the first place. Lanzaman, do your research in future!