Jobs You Will Never Get

Let's face it, if you are an experienced bank executive who is the sort of individual who does not like underhand dealings, aggressive sales tactics and misselling of products, you are hardly likely to end up as an official at the FSA.

In fact, slice and splice that statement to any industry and you will never work as a senior ranking person on its Watchdog. They don't want people like you. They want people who have multiple Non-Executive roles who cannot afford much time to do the serious business of regulation and who have served their time in Civil Service or Banks at the highest level, shaken the right hands and know how to make a bob or two.

Such people are deemed the ONLY people who are trustworthy enough to do such jobs. I would further contend, you would be hard pushed to find such jobs advertised anywhere in the sorts of periodicals, journals, job boards and newspapers you read and should you be lucky enough to see the advert, your application would hardly elicit a response.

You are not worthy.

The Worthy

Sir James Crosby, ex CEO of HBOS, who were subject to an investigation by KPMG after a senior manager whistleblew on their aggressive activities in growing their business, is worthy. It was under his tenure as CEO of the combined Halifax and Bank of Scotland merger, that such allegations were made. It was also alleged by the Whistleblower that he was dismissed from HBOS for 'losing the confidence' of the management, a euphemism for 'We don't want your sort around here, my son'. HBOS always contended the individual was made redundant due to restructuring.

This James Crosby is indeed the same ex CEO and regulator.

Soft Spot

Of course, this generous Government has a soft spot for HBOS. In its time of need, not a couple of years after Sir James stepped down as CEO and took up his equally lucrative role at the FSA and advised to the Treasury, the very same ministers oiled the cogs of a takeover of HBOS by Lloyds TSB. Well, they didn't just oil - they actually stepped in at the eleventh hour and the PM himself personally urged the merge of the two companies which would mean the new single entity would have no less than 28% of the UK mortgage market. It was troubled times indeed but a very curious decision.

Oh, and the oiling continued. For pretty soon afterwards, despite the fantastic due diligence, Lloyds TSB went cap in hand to the Government and asked for bail out cash. The result was not only did the Government aid and abet an uncompetitive takeover preferentially (I didn't see any other company offered money to take over HBOS) but the Government then got the taxpayer to foot the bill and we are all rewarded with some proxy shares in the new single company.

The Scent Of Corruption

This whole financial fiasco has more than a whiff of fraud and corruption. That a former CEO of a company investigated for its role in underhand dealings in the financial world can even be considered for a role at the FSA is bad enough, to have been given it is extraordinary. In fact, the argument would have been far stronger that the displaced Whistleblower was precisely the sort of individual who had the courage to see wrong doing and report it - a person of actions and courage of convictions. Clearly an individual not motivated by lucrative financial scams.

No, such a person is not worthy of such jobs probably as he would take it too seriously and actually find things which were not right, investigate them and possibly punish the companies involved. That is clearly not what the FSA is there for. It's why it is populated by former senior banking executives and part-timers who know how to tow the line.

Just like RBS larging it on bonuses with taxpayers' bail outs, this Government has no intention of changing the banking system or regulating it. It just wants its booming economy back and to do so it realises you have to reward the status quo. Only bankers can solve our problems, only bankers can regulate themselves.

Whisteblowers are not welcome.

Honour Preserved

But fear not - Sir James Crosby is an honourable man. With no fear of a scandal to be found, he has stepped down from the FSA knowing full well he has done nothing wrong, certainly nothing that can be pinned on his hand-made suit. He cannot be a Labour man as he would have just stuck his chin out and gone on even when the stench of alleged guilt was gagging. Not Sir James.

For him there are plenty of other Non-Executive jobs and Watchdogs to populate where his type of 'see no evil' skills are in much demand.