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CONCORD — Embattled Banking Commissioner Peter Hildreth wants to remain on the payroll for nine more months so he can “retire with honor,” his lawyer testified Monday at the opening of a hearing on whether to remove him from office. Attorney General Michael Delaney asked Gov. John Lynch and the Executive Council to remove Hildreth, 59, for his handling of the Lakes Region Ponzi scheme by Financial Resources Mortgage of Meredith. “He did the best he could and now seeks your permission to retire with honor,” David Nixon said in his opening statement. Since last June, Hildreth has been on paid administrative from his $104,000-a-year job. He will qualify for a pension with health care insurance benefits next September, Nixon explained. Peter Krupp, the Boston lawyer representing Delaney’s office, said Hildreth failed to recuse himself in writing from the case even though Hildreth’s brother, John had been an investor in FRM. The banking department, under Hildreth’s supervision, failed to follow through on numerous violations by FRM from 2001 until November 2009 when FRM voluntarily closed its doors, Krupp said. “I suggest you will conclude Mr. Hildreth should be removed for causes, for his inefficient structuring and operating of the department, for his neglect of duty and for his malfeasance in handling of FRM matters,” Krupp said. Nixon said Hildreth did not impede regulation over FRM and back then there was no written policy regarding recusals.

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