Sunday, 5 July 2009

Barons & peasants

David Schwartz writing in the Financial Times of 4th July describes the £9.6m pay package for the new RBS chief as 'draw dropping'. Apparently this is justified by the challenge of the job. David Schwartz says " Funny that, I thought he was paid £1.2million a year [the basic salary] precisely to handle a challenging job. The RBS Board appears to believe £ 1.2m merely encourages [him] to turn up for work each day. Getting him to act costs extra" It is truly extraordinary that this supine Government, who now own this catastrophe of a bank with our money, are allowing this to happen. It has to be an organ like the FT to protest about it. Hooray for them - one might have thought they'd be on the bankers side.

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