STEPHEN HESTER, CHIEF EXECUTIVE OF RBS
Royal Bank of Scotland directors were accused of holding taxpayers to ransom last night over plans to pay huge bonuses. The board has threatened to resign en masse if the Treasury blocks the payments.
The row is over an estimated £1.5billion bonus pool for staff at the investment arm of the bank, which is largely owned by the public.
The pool is around 50 per cent bigger than last year and would give 20,000 bankers the equivalent of three times the national average salary each. The Treasury has demanded a veto, following the taxpayers' £45billion bailout of the Edinburgh institution, but board members say their lawyers tell them they would have to resign if they lost the power to set pay levels.
ALISTAIR, CALL THE BASTARDS' BLUFF. Let them resign and we'll see how they get on then. HESTER is on a £10MILLION DEAL. DO YOU SERIOUSLY THINK HE IS GOING TO JEOPERDISE THAT. WHAT WOULD HIS WIFE SAY?
INCOMING!!!!!! They're like the MPs. They just don't fucking get it!
ReplyDeleteSalmond's mob made the same threat! Then caved in when their bluff was called.
ReplyDeleteTell them they can have their bonuses, then tax them at 120%. Serve 'em right!
Banned, That's what I would do. They always say they have to pay big salaries to attract the right people. The people who lose us £100+billion? I don't fucking think so. I don't know if you picked up on the post I did a few daus ago about 200 people getting paid more than Goodwin's £4.2 million in his last year. Fucking unbelievable.
ReplyDeleteEdgar, the SNP tried that before and it worked. Labour are getting cocky because they won Glasgow NE. The latest opinion poll puts the SNP ahead in Westminster and Holyrood voting intentions, so that will shut them up a bit. No, fucking way should they get bonuses even if we do tax them. It is a point of principle.
ReplyDeleteGreedy barstewards !
ReplyDeleteBut with my keen business head on I must point out that they are in the right.
UKPLC ( taxpayers)own 85% of the shares and so are major shareholders in RBS. However the directors ( them ) are legally obliged to set the rules. They've set the rules on bonuses so can be sued by their employees for failure to cough up the bonuses.
The taxpayers' only course of action is to call an AGM or probably an EGM and vote the Dierctors off of the board.
Ideally the Directors would resign before that happened. But the problem with that is that they would have to be given favourable pay offs ie Fred type payoffs ; ) to encourage them to go.
If we sacked them then that would be Armageddon and would cost us a fortune in the courts.
So they hold all the cards unfortunately.
Wee Boaby, your point is well made and true, at least it would be in MSM. However this is Dark Lochnagarosphere and they are getting a slagging whether they like it or not. The Bastards.
ReplyDeleteYou're right DL... they really don't get it! This story has incensed me more than any other recently. Everyday more and more people are losing their jobs and those that are in employment have had to accept pay cuts etc. And then we get this! Talk about society becoming more and more polarised.
ReplyDeleteHammond, there is no doubt about that. People talk in millions now when they talk about their salary. I don't know if you picked up on the post I did last week that there were 200 people in RBS earning MORE than Goodwin. Fucking unbelievables!
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