Thursday, 2 February 2012

Mr Heston's bonus

Finally Mr Heston got the message and generously gave up his bonus. Oddly there seems to be a school of thought in the City pages of the press that he has been subject to some form of witch hunt and journalists are saying that 'to get the best' it is necessary 'to pay the going rate.' Well hang on a moment, presumably all those bankers whose cretinous financial activities actually got us into this mess where - at the time - thought to be 'the best.' So on what basis is Mr. Heston judged to be the best? the same basis which gaves us our Fred ? or is it some other basis? I only ask because whatever his merits as a banker he seems to be a singularly stupid man not to have realised that his bonus was going to cause an almighty row especially as - to date - he doesn't appear to have achieved any real success at RBS which is still a sceptic tank bank full of underwater loans. The time for Mr. Heston to take a bonus is when he has actually turned the bank around - caused the share price to soar -thus enabling the us - the poor tax payer - to get back our £45.0 billion investment and - with luck -more besides. Do that and it would be mean to begrudge him not just a mighty bonus but a knighthood to boot. But till that time comes I would have thought he could rub along happily on his salary which is - after all - £1.3 million a year.

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