Ok, enough, I have to rant about this messed up economic bullshit
Ok I'm going to have a rant about that ridiculous bonus Stephen Hester was offered.
Stephen Hester, as chief executove of the Royal Bank of Scotland (which, after monumentally screwing up, has been bailed out and is now 82% owned by the tax payer - yet for reasons unknown it's apparently wrong for the government to interfere in how it is run) has been offered an annual bonus of about £963,000. A bonus. On top of his annual salary of £1,200,000. Last year he received a bonus of £2,000,000.
And yes, he's turned it down. Wow, the man has a tiny idea about PR and was facing a forced vote in the commons and generally becoming the most hated man in the country. So? next year qwhen we're not paying attention he'll probably pocket an even larger one.
Him turning it down or not isn't the issue. The issue is that this man was offered it in the first place when he works for a bank that is nearly entirely tax payer owned. In fact, screw that, the mere fact he was offered that -whether private sector or tax payer sector - is obscene. In fact, not even that, the mere fact he earns, even withotu bonuses, £1.2 million every year is ridiculously obscene.
And what's further obscene is the idea that refusing this bonus would be so unreasonable that the government faced the entire board of RBS spitting their dummies out and stomping off if it weren't paid
And what's further obscene is Dr Ruth Bender, Cranfield School of Management describing this ridiculous payment as "reasonable". Reasonable?! The median salary in the UK in 2008 was £20,801. To earn as much money as Stephen Hester earns in one year, the median worker would have to work for 58 years. And that's without his bonuses. What diseased culture have we produced that calls such an income "reasonable".
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Stephen Hester, as chief executove of the Royal Bank of Scotland (which, after monumentally screwing up, has been bailed out and is now 82% owned by the tax payer - yet for reasons unknown it's apparently wrong for the government to interfere in how it is run) has been offered an annual bonus of about £963,000. A bonus. On top of his annual salary of £1,200,000. Last year he received a bonus of £2,000,000.
And yes, he's turned it down. Wow, the man has a tiny idea about PR and was facing a forced vote in the commons and generally becoming the most hated man in the country. So? next year qwhen we're not paying attention he'll probably pocket an even larger one.
Him turning it down or not isn't the issue. The issue is that this man was offered it in the first place when he works for a bank that is nearly entirely tax payer owned. In fact, screw that, the mere fact he was offered that -whether private sector or tax payer sector - is obscene. In fact, not even that, the mere fact he earns, even withotu bonuses, £1.2 million every year is ridiculously obscene.
And what's further obscene is the idea that refusing this bonus would be so unreasonable that the government faced the entire board of RBS spitting their dummies out and stomping off if it weren't paid
And what's further obscene is Dr Ruth Bender, Cranfield School of Management describing this ridiculous payment as "reasonable". Reasonable?! The median salary in the UK in 2008 was £20,801. To earn as much money as Stephen Hester earns in one year, the median worker would have to work for 58 years. And that's without his bonuses. What diseased culture have we produced that calls such an income "reasonable".
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