Anorak | What a farrago of ignorant stupidity over Stephen Hester’s damn bonus – Miliband’s an idiot

What a farrago of ignorant stupidity over Stephen Hester’s damn bonus – Miliband’s an idiot

by | 30th, January 2012

Royal Bank of Scotland chief executive Stephen Heston will nto accept his million pound share bonus.

IT was only a couple of years ago you know, that there was a great outcry about bankers getting huge cash bonuses. The analysis was that if they just got paid out in cash then they wouldn’t be tied to the organisation. Instead the bonuses should be paid in shares that could not be sold for a few years: that would tie everyone in to the long term interests of the company. No doing a deal that makes a good bonus this year but then bankrupts the bank next.

This year we’ve got a banker being paid a bonus entirely in shares. Shares that he cannot sell for several years. Shares that tie him in to the long term prospects of the company, make sure he won’t be tempted to do something stupid for the short term.

The reaction from the adenoidal Miliband that runs the Labour Party? The Adenoid who sat in the Cabinet that approved the damn contract for Stephen Hester in the first place?

No he whines, people shouldn’t be motivated to try and make back the billions the taxpayers have at risk. Shouldn’t be tied in to the long term interests of the companies they manage on our behalf. And as to that contract we all agree a few years back? Ah, fuck it, politics is much more important than either promises or the rule of law.

And nor, of course, will the taxman get the £500,000 in moolah that Hster would have had to pay on those shares.

You might think I’m unduly harsh on Miliband Minimus and perhaps I am. For all politicians are like this, they’ll do absolutely anything for today’s headline, what they said last week or promised last year be damned. Which is, of course, why we cannot trust a single damned one of them and why we’d really rather prefer that they fucked off out of our lives.

Those lamp posts on Westminster Bridge are sturdy enough to take a couple at a time and they weren’t built that solid purely to be decorative.

Posted: 30th, January 2012 | In: Money Comments (10) | TrackBack | Permalink