Friday, 4 December 2009

The cheek of RBS

Last year the Royal Bank of Scotland would have gone to the wall if it was not for the Government bailout it received. None of the directors would now have jobs with the firm, let alone the potential for a bonus payout.

Given that it was the ingenuity, entrepreneurial guile, and business acumen of these directors that led the bank to the brink of oblivion some might suggest they have a bit of a cheek to demand £m bonuses - especially at a time when the Government bailout for those who have lost their jobs (due to the bank-led recession) is a paltry £64 per week.

Nevertheless I was pleased when I heard on the BBC News last night, City Minister Lord Paul Myners appear to rebuff the bankers, telling them "to come back into the real world".

The bankers are now threatening to resign if they don't get their bonuses. I hope Lord Myners' next quote will be "Goodbye".

However, as is often the case, I seem destined to be disappointed by New Labour. Lord Peter Mandelson immediately pulled rank on his junior colleague, saying:

"I understand the point that RBS directors are expressing - they say they have to remain competitive in the market in recruiting senior executives, and this is why it's important that all the banks are equally restrained, and RBS is not singled out."

The Morning Star covers the story excellently in today's paper.


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