One door closes and another one opens for Sir James Crosby. When Sir James Crosby stood down as chief executive of HBOS in January 2006 he appeared to have engineered the perfect exit. At the time, there was no reason not to accept the recommendations in relation to Sir James Crosby. Sir James Crosby's resignation may be justified, but we shouldn't let this deprive the FSA of the weapon it so crucially needs to be truly effective. The career of Sir James Crosby comes under scrutiny after the former HBOS chief resigned from the Financial Services Authority. Yesterday, Sir James Crosby resigned as deputy chairman of the FSA, the banking watchdog set up by Gordon Brown in 2000.
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