I might start a collection of quotations from the directors of various banks over the last year or two. To get the ball rolling, here's one from Peter Cummings, HBOS' former head of corporate finance. According to the Telegraph, "Mr Cummings received a £1.8m bonus last year on top of his salary and has built up a £5.97m pension pot that will pay him a retirement income of £344,000 a year from the age of 60." Another profile of the guy that won't have to worry about money, while the millions of people affected by this bubble go down like flies, is from the Guardian, here.
(see page 2)
Peter Cummings: The loaded gun
"At Bank of Scotland Corporate, we and our partners have been
deliberately prudent in our approach to commercial real estate in
contrast to the unrealistic top-of-the-cycle behaviours we’ve been
We’ve seen enough of finance in the hands of amateurs in real estate in the last
two to three years. And that’s been dangerous. The loaded gun
we’re now giving the next generation of promising property
entrepreneurs will absolutely score – for them and for us."
"It was hard work for
a team of unfit bankers"
(from page 1)