Royal Bank of Scotland chief executive Stephen Hester to trouser 963k bonus

[London_Calling]

You also need a 'safe pair of hands', and someone perceived by the markets and wider interests to be a safe pair of hands.

It is, generally, the nature of hierarchy that whoever is at the top does very little day-to-day running.

 

[kabbes]

You also need a 'safe pair of hands', and someone perceived by the markets and wider interests to be a safe pair of hands.

This is true. The former is probably easier to find than the latter, sadly, the markets being what they are.

Somebody perceived as dangerous could cost RBS a hell of a lot more than £2m per year in inability to achieve favourable securitisation.

 

[Bahnhof Strasse]

The truth is that organisations like RBS largely run themselves day-to-day -- and even, to some extent, year-to-year -- without a CEO in any case. The CEO is there to provide long-term strategic planning, not to make sure this or that department is doing its job.

Would the O2 manager be able to do this strategic management? Frankly, I doubt it. It requires an understanding of large-scale corporate finance. But on the other hand, do we need somebody at £2m per year to do it? I'm not convinced about that either. RBS should be getting its head down and resetting itself as a reliable clearing bank. You don't need clever, inspired strategic visions for that kind of thing. You just need somebody to keep the strings together.

I hear what you're saying and agree; this fucker's been there a year or so, not enough time to know how his long term strategic plans are doing, so no bonus for baldy.

 

[kabbes]

As regards the bonus specifically: the bonus is ridiculous, but we should be talking about his entire package, not just the bonus. Would things be any better if he had a salary of £2m and a bonus of £100k? Of course not. I'm more interested in whether £2.1m is value for money than the bonus itself.

 

[danny la rouge]

It's Gov owned, you say?? Someone should start a thread about that.

Do you never cease being a smart arse? You know very well that I wasn't trying to break news with that phrase. Or maybe you don't. I'm here to tell you that patronising plus brainless (that's you, by the way) is hilarious to everyone else. Were it not for that, you'd add nothing to these boards and I'd recommend you fuck off. As it is, please keep posting, it makes me laugh.

 

[London_Calling]

The voice of the obvious people speaks.

 

[danny la rouge]

Keep going.

 

[xenon]

Not read the detail but the company that manage the UK govt's steak, don't have control as a majority share holder. Is that right? The previous govt fucked it up / did a deal. SO although the public pretty much own it, we have no leverage over remunerations as majority shareholders.

The empty posturing calls by some MPS for him to decline accepting the bonus are more than a little pathetic.

 

[xenon]

But they wouldn't have been able to hire him if they hadn't. Mind you if my base salary was £1.2m I'd feel a bit greedy asking for a bonus on top whether it was in crappy shares or not.

You're clearly not cut out for corporate finance.

 

[magneze]

All this is predicated on the myth that without him RBS would be fucked so, therefore, is our "stake" in it.

I'd like to see this really analysed in the media as it's clearly a load of self serving bullshit. However, since the media is largely run by similar style of organization who JUST CAN'T DO WITHOUT THE PERSON AT THE TOP, I doubt we'll see it anytime soon.

 

[danny la rouge]

All this is predicated on the myth that without him RBS would be fucked so, therefore, is our "stake" in it.

Exactly; without him and the board (who "threatened to walk out" unless they could pay him his bonus). This is the line some on this thread have taken, and it is also the corollary of the Daily Mail headline that he's been "rewarded for failure". If they thought he hadn't failed, it follows, they'd be quite happy with the payout. (Of course, they're playing to what they think will be the outrage of the "squeezed middle", but they're keen only to do so on grounds that mean "success" could reasonably be rewarded with such payouts).

So, as ever, it is in "our" interests to pay huge sums to those at the top.

 

[magneze]

The board threatened to walk out unless they could pay him a bonus? FFS, let them go, spineless fucks.

 

[SaskiaJayne]

What do Hester's day to day duties include, for example are some days spent hunched over a screen for 12hrs solid followed by an easier day of in at 10am with all afternoon business lunch booked for midday. Does long term strategic planning require 14hr long, very intensive & stressful days feeling that you carry the whole world on your shoulders, does the job require the type of brain that can attain & degree in maths or physics?

 

[danny la rouge]

The board threatened to walk out unless they could pay him a bonus? FFS, let them go, spineless fucks.

That's what we're asked to believe. And allowing them to do so would damage confidence in the bank, so, you see, the government's hands were tied. It was, in the end, in our interests. We are asked to believe.

Funnily enough, although ministers are happy to privately brief journalists thus, none has so far come forward to put the case to camera.

 

[danny la rouge]

does the job require the type of brain that can attain & degree in maths or physics?

Hester does have, I understand, a degree from Oxford. I have a sneaking suspicion that the job requirements have rather more to do with the college scarf than with the mind whose body it adorns.

 

[Monkeygrinder's Organ]

Hester does have, I understand, a degree from Oxford. I have a sneaking suspicion that the job requirements have rather more to do with the college scarf than with the mind whose body it adorns.

According to Wikipedia he has a degree in PPE from Oxford. I can think of a few other people who that applies to as well.

 

[Monkeygrinder's Organ]

Oh and he was chair of the 'Tory Reform Group' while he was there.

Doesn't say if he was in the Bullingdon Club...

 

[magneze]

That's what we're asked to believe. And allowing them to do so would damage confidence in the bank, so, you see, the government's hands were tied. It was, in the end, in our interests. We are asked to believe.

Funnily enough, although ministers are happy to privately brief journalists thus, none has so far come forward to put the case to camera.

So, if a shareholder demands that executive pay is restrained, the board threatens to quit and the shareholder gives in.

That's how the new "holding executives to account using shareholders" scheme works?

I'm not sure what amazes more, the incompetence of how quickly the government have torpedoed their own policy or the brazen nature of the board & CEO.

 

[danny la rouge]

So, if a shareholder demands that executive pay is restrained, the board threatens to quit and the shareholder gives in.

That's how the new "holding executives to account using shareholders" scheme works?

Yes. It's called leading by example. Shareholder power. Woo hoo!

 

[Zabo]

According to an ex-employee (made redundant) on Radio 5, part of his cost cutting was removing the paper towels from the toilets and not re-filling the water dispensers.

Mind...given all staff had a 10% bonus share up until 2008 and given that all the staff are part of a capitalist, share owning bank who gives a flying fuck? I'd like to see it collapse. RBS never cared about the public and never will.

Greed is the creed

 

[Casually Red]

According to an ex-employee (made redundant) on Radio 5, part of his cost cutting was removing the paper towels from the toilets and not re-filling the water dispensers.

Mind...given all staff had a 10% bonus share up until 2008 and given that all the staff are part of a capitalist, share owning bank who gives a flying fuck? I'd like to see it collapse. RBS never cared about the public and never will.

Greed is the creed

even if it collapsed these fucks would get first pick of the carcass before they walked into their next lavishly paid sinecure

 

[Zabo]

I noted with interest that not a single minister was 'available for comment' on the radio this morning. Moreover that ugly, fat fuck, Angela Knight of the British Bankers' Association was also noticeable by her absence. The cunt is usually purring away on "Today" whenever the banks/bankers are under attack. Fucking cowards.

http://en.wikipedia.org/wiki/Angela_Knight

 

[likesfish]

Hunting bankers seems to be the answer.

 

[Casually Red]

Hunting bankers seems to be the answer.

catching and killing them seems to be the answer, although id admit to the thrill of the chase

 

[likesfish]

Might as well get something out of it.
As we gave them stupid amounts of money .
Plenty of staffs and pit bulls need some exercise.
I suppose donkey jackets should be official hunting wear?

 

[Quartz]

Oh and he was chair of the 'Tory Reform Group' while he was there.

I think this might well be trhe key.

 

[Quartz]

The board threatened to walk out unless they could pay him a bonus? FFS, let them go, spineless fucks.

Pity; I quite fancied applying to be on the board of RBS.

 

[poisondwarf]

What I don't understand and perhaps I'm being naive here, but when that cunt osborne said that RBS has contractual obligations to pay the bonus how come they can go back on the contracts of the teachers, etc and get away with it. How is it possible?

 

[stavros]

I'm not sure a government who number their Lordly cunts Michael Ashcroft and Stephen Green among their number are going to do too much to curb this other than shiny window dressing.

 

[Disjecta Membra]

I've been told to be more positive, so instead of the diatribe i'd normally write. I'll just say its alright, there will be a millenium when we'll learn from our mistakes.