I'm back on a hobby horse again. It's because I was always brought up to believe that you received wages, salaries and bonuses from your companies profits. If the company continually failed to make a profit you lost your job. Some times it wasn't your fault, but you knew that you had to accept the results of failure.
The banks have completely rewritten these rules and it just isn't fair that rewards out of government (tax payers) investment is again being distributed in large amounts to the banks directors and employees who have overseen continued losses.
Evidently Morgan Stanleys 62,000 employees will earn (?) an average of £152,000 this year. This is dispite the bank posting losses for the last three quarters! You will remember that Morgan Stanley, a USA bank, like our own banks, had to be rescued by their government.
Still on pay, but this time a British company. Under the leadership of John Condron, Yell has lost 96% of its stock market valuation since its peak in 2007. That is down from £5bn to £179 million. Evidently Mr Condron has had to forego some bonuses but his abject failure is still rewarded with a salary of £855,000. I think that I, and most of you, inhabit an alternative world. I can't help but think that I am "missing a trick" but would I feel happy receiving unearned money kindly donated by tax-payers and shareholders? Would you?
