IS the Halifax takeover good for customers?
It’s a question being asked after the shock takeover by Lloyds TSB.
And the answer is yes...if you happen to be HBOS chief executive Andy Hornby.
He walks away with shares worth almost £2m after the spectacular collapse of the group he led.
Contrast that with the position of the thousands of workers with the Halifax group.
They are in the dark, not knowing what the future is, whether they will lose their jobs, whether they will struggle to keep their homes.
All the more galling for them that their boss will not be sharing the pain – and all too predictable.
To put it mildly, there must be reservations about such generous treatment.
The level of remuneration that bosses when they are successful is considered by many people to be excessive.
When they get it at a time of failure, people feel it is entirely improper and inappropriate and should not happen.
There must be a better way – one that tells you to accept responsibility for your mistakes.