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27th January 2012, 09:21
Royal Bank of Scotland (RBS) boss Stephen Hester is to receive a bonus of almost £1m.
RBS announced on Thursday that Mr Hester is to get £963,000 in shares based on the bank's closing share price on Wednesday 25 January 2012.
The bank said the bonus was for "substantial progress in making RBS safer, rebuilding performance in many businesses and improving customer service and support".
RBS is 82% owned by the taxpayer.
BBC business editor Robert Peston has learnt that the bonus came due to fears about resignations on the RBS board.
"I am reliably told that they feared Mr Hester and much of the board would have quit, if the payment had been vetoed by the government as the majority shareholder," said our business editor.
Now, he is to face pretty toothless, hot-air criticism from the government and the press. It's not fucking 'owned' by the taxpayer anyway; the government bought that big chunk of it but excercises no real control.The usual 'state-ownership' lie; no control or say for the workers or the people at large, just for an inept government department.
And they thought they'd lose him if he wasn't paid this bonus? Every useless cockcheese that contributed to the last major financial crisis was paid an absurd amount for fear of anyone losing their precious expertise and insights...and then paid some more when banks and companies went under.
We just keep fucking taking it, from the PM to the cashier in the bank; big business fucks us over and over and we let them
(Source: BBC News)
RBS announced on Thursday that Mr Hester is to get £963,000 in shares based on the bank's closing share price on Wednesday 25 January 2012.
The bank said the bonus was for "substantial progress in making RBS safer, rebuilding performance in many businesses and improving customer service and support".
RBS is 82% owned by the taxpayer.
BBC business editor Robert Peston has learnt that the bonus came due to fears about resignations on the RBS board.
"I am reliably told that they feared Mr Hester and much of the board would have quit, if the payment had been vetoed by the government as the majority shareholder," said our business editor.
Now, he is to face pretty toothless, hot-air criticism from the government and the press. It's not fucking 'owned' by the taxpayer anyway; the government bought that big chunk of it but excercises no real control.The usual 'state-ownership' lie; no control or say for the workers or the people at large, just for an inept government department.
And they thought they'd lose him if he wasn't paid this bonus? Every useless cockcheese that contributed to the last major financial crisis was paid an absurd amount for fear of anyone losing their precious expertise and insights...and then paid some more when banks and companies went under.
We just keep fucking taking it, from the PM to the cashier in the bank; big business fucks us over and over and we let them
(Source: BBC News)