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Anorak | RBS, Simon Hester And A Refined Form Of Theft

RBS, Simon Hester And A Refined Form Of Theft

by | 20th, April 2011

ROYAL Bank of Scotland boss Stephen Hester has seen his controversial £7.7 million pay package rubber-stamped by the Government as the bank insisted it had to pay staff “fairly”. And I don’t really give a damn. No-one is worth that amount of money , and especially if he is an employee of a bank that has been bailed out by the taxpayer and we are still paying £5 billion in interest charges for loans to keep his and other banks afloat.

This raiding of the public purse is a refined and sophisticated form of theft. The fact that it is legal makes not one whit of difference. It redefines public morals, and our relationship with state institutions. There is no moral obligation on us fund a state which is so reckless in its guardianship of public finances, or so careless about its approval of state-funded institutions which indulge in larceny.
This comes into sharper focus with a Public Accounts Committee report due today which reveals that the banks which benefited from taxpayer largesse failed to meet their commitments to providing lending to businesses, many of which have been struggling to survive in adverse trading conditions, when overdraft and other loans have been arbitrarily withdrawn.

Lloyds and RBS fell £30 billion short of their government target, two banks which are still floating on taxpayer money to the tune of £512 billion, with RBS 84 percent and Lloyds 43 percent owned by the taxpayer. And yet, despite them reneging on these conditions, the Treasury have decided not to take sanctions, arguing that not taking any action outweighed the

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Posted: 20th, April 2011 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink