Sunday, January 29, 2012

Rank hypocrisy

So, it appears that the Parliamentary Labour Party are going to force a vote on the bonus awarded to RBS CEO Stephen Hester.
Labour says it will force a Commons vote calling for RBS chief executive Stephen Hester to be stripped of his near-£1m bonus.

It will hold a debate early next month to pressure the government over the £963,000 shares-only payment.

So, let me get this straight: a vote on Hester's bonus is going to be forced by a Labour contingent which:
  1. is almost entirely made up of MPs who were collaborators in the last Labour government,

  2. the government, in fact, which signed Hester's bloody contract in the first fucking place,

  3. and which overspent by billions of pounds a year (most of which was handed to Labour-supporting special interest groups),

  4. but which now seems to believe that a vote on a million quid bonus is incredibly fucking important.

Seriously, are these bastards possessed of absolutely no self-knowledge...?

P.S. Could I just take this opportunity to point out something else? The bailout of RBS was performed by buying RBS shares; if the shares do well, we taxpayers can get our money back. If the bank doesn't do well, then we won't.

As such, if you are a stupid fucking protester wanking on about the money we threw into bail-outs, then I suggest that you start protesting for big bank profits—because then we can all get our cash back.

Understand? Good.

8 comments:

Dick Puddlecote said...

... and who obviously believe that paying less will more encourage the CEO to get RBS out of the shit situation it finds itself in.

A cynic might theorise that they don't want it returned to private ownership.

Lord Blagger said...

The Tories should table an amendment that withdraws the pensions from all Labour MP's for the mess they left the country in. They can get their pensions back when THEY pay off the debt.

Lord Blagger said...

PS. We won't get our money back because that wanker Brown paid far to much for the shares.

Should have sent them to the wall, and then we would have had a bit of capitalism, and none of this socialist nonsense.

Pogo said...

It never ceases to amaze me that every time RBS or LLoyds have shown any sign of a strengthening share price, the government or that fucking idiot King produces a load of wibble that pulls the rug out from underneath them.

DiscoDan said...

I fear your quite justifiable hatred of Labour is blinding you DK, to the socialist/corporatist horror show this RBS debacle is taking on the road.

Labour are missing the point to focus on the £1m figure - and so, by the way, are you. Hester has a "long-term incentive plan" which means he's on course to accrue £8m in shares by next year, bringing it up to £40m since 2008.

Let's run that through again. CEO of a taxpayer-funded bank = £40m in shares for his personal coffers over 4 years. For someone so strident in criticising any government waste, DK, where is your outrage? What has Hester achieved to earn those kind of sums? Sure, Labour are useless, acting out of reasons of political expediency alone, but what else is new?

Then you say:

"Could I just take this opportunity to point out something else? The bailout of RBS was performed by buying RBS shares; if the shares do well, we taxpayers can get our money back. If the bank doesn't do well, then we won't."

Again, DK, as someone who has read your stuff for years and broadly agreed with you in your judgement of govt as constantly ripping us off, wasting our money, giving it to special interests and all the rest, what on earth has led you to believe that even if RBS make the money back, the taxpayer will see a penny of it? Chances are as the UK's finances currently stand, any extra revenues will just go into debt financing.

ChrisM said...

", what on earth has led you to believe that even if RBS make the money back, the taxpayer will see a penny of it? Chances are as the UK's finances currently stand, any extra revenues will just go into debt financing."

That still means the taxpayer see's their money back. Money is the ultimate fungible. If the money is used in debt financing, that is money that does not now need to found from elsewhere (ie the tax payer).

DiscoDan said...

My point was more that we don't get value for money from the government as it is. Thus, we are being taxed to the hilt, and as a result of overborrowing we will be taxed even more in the future, as a result of the RBS bail-out (among, I admit, a plethora of other things).

I just thought it was rather optimistic thing to say that "we...can get our money back." Any returns will be eaten up by the government, thus we will see no benefit.

Lord Blagger said...

To work out if the government will get any money back, the share price has to go above the price paid, plus the cost of financing (the money was borrowed), plus the cost of any payouts for the guarantees.

Somehow I don't think that is going to happen.

The losses are too huge.

What will happen, is they will wait until the share price is higher, and ignore the other pesky (but massive costs).