In 2003, I wrote about HSBC’s policy on corporate jets. I could more or less understand why William Aldinger, then the bank’s newly appointed US director, was allowed to use the aircraft for company business, but why to go on holiday?

Also, if Mr Aldinger needed help dealing with his $37.5m remuneration, surely he could pay for it himself. Why was the bank giving him $500,000 worth of financial advice? The answer appeared to be that this was normal US practice.