Friday, 20 May 2011

Judge them by their deeds - Chapter 38

Among all the talk of crumbling superinjunctions and the nefarious doings of the egregious cretin who ‘shredded’ RBS, there comes a story which is in the public domain but is largely  ignored. 
Lloyds Banking Group held their AGM in Glasgow this week and came under fire from shareholders over the remuneration package for top execs. They were as ever gross and insulting to the rest of the real world. 300% bonuses for doing the job satisfactorily is crazy; 300% bonuses for doing the job unsatisfactorily is way beyond crazy, yet that is what was voted through with 18% objections. 
The killer fact which torpedoes all government claims to be curbing the bonus culture is this. “UK Financial Investments, which manages the Government’s 41 per cent stake in Lloyds, voted in favour.” Independent 19/5/2011.
Osborne, Cable et al sound off about reining in the excesses but given the practical chance to put our money where their mouths are they do nothing. 
Bullshit, utter bullshit.

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