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Tuesday, February 10, 2009

A Collective Spanking

Sir Fred Goodwin and Sir Tom McKillop, the former chief executive and chairman of RBS, will apologise for destroying one of Britain's leading bank at a meeting of the Treasury Select Committee today.

Also attending the trial by humiliation will be Andy Hornby and Lord Stevenson of Coddenham, the former chief executive and chairman of HBOS.

Whilst all of this may make the politicians feel important as they are seen to flex their muscles in the headlines, the very pressing questions of what to do about bonus payments in the future, and how to avoid a similar disaster needs to be addressed.

Chancellor Darling has promised a review. Unfortunately that will not be completed until the end of the year. Just in time for the next round of bonus payments!

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