Tuesday, 12 January 2010

Bankers address Treasury Committee

The chief executives of Royal Bank of Scotland (RBS), Northern Rock and the Lloyds Banking group faced questions from the Treasury Committee today.  The commitee is chaired by New Labour's "old Labour" attack dog, the one that can count, John McFall.

RBS Chief Executive Stephen Hester
addressing the Treasury Commitee today

McFall rose to prominence through his association with Christmas hampers and the redefinition of repentance at the hands of banking chief executives. He was widely viewed as the most suitable candidate for the Chair of the Treasury Committee on account of him being the only person in the Labour party who can understand duodecimal, thanks to his pre-decimal education.

RBS chief executive Stephen Hester was quizzed on expected bonus payouts and on his own pay package, worth a potential £9.6m. Mr Hester said he is the only FTSE 100 chief executive with a 'no reward for failure' clause in his contract, but admitted that even his parents think he earns too much.

When questioned on his plans to deal with the public disapproval on the announcement of bonus payments he responded that he was planning to "go on holiday for a long time".

He said RBS, which is 84% owned by the taxpayer, had "led the way" on pay reform in some ways, but not in the actual reduction of bonus payments.

Mr Hester told the committee that plans to return RBS to private ownership within three to five years were on track; just as long as we would be kind enough to continue propping up his failed enterprise long enough for them to retain some profit after bonus payments.

It's expected that bonus payments in excess of £1billion are due to be paid to bank employees in the next month.

Well we can't have the bwankers suffering, can we?  It's not as if they did anything wrong...

Yes yes, I know, this is just a wank joke.

But there is serious point, if I could just remember it...


  1. @ scunnert - too true. I find the lack of outcry over the payment of 100s of millions of pounds to bankers (in publicly owned banks) who were implicit in the financial depression astonishing. Folks seem more upset by advertising posters, the Iraq enquiry, weather and earthquakes - WTF?

  2. Some people have a lot of money, but It doesn't make them happy. Sometimes we just have to be thankful for what we have.