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    Stephen Hester urged to refuse his £800k bonus.

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    papa_umau
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    Stephen Hester urged to refuse his £800k bonus.

    Post by papa_umau on Mon 11 Feb 2013, 12:05 pm

    RBS boss Stephen Hester urged to turn down 'obscene' £800k shares bonus

    THE news about Hester's huge bonus came as UK and US regulators hit RBS with a £391million fine for their role in the Libor scandal.

    Last night, Hester was urged to turn down the bonus, which is part of a reward scheme for his performance in 2010.

    Harry Donaldson, regional secretary of the GMB Scotland union, said: “I believe he has a moral responsibility to turn it down at a time when the British public, who are shareholders in the bank, are facing various austerity measures.

    “As a chief executive, he is already very well paid. In the current climate, a £780,000 bonus is obscene.”

    Labour’s Treasury spokeswoman Cathy Jamieson said: “The idea that one of the country’s most senior bankers will accept this huge bonus at the height of Libor scandal will disgust ordinary people struggling to make ends meet as a result of the banking crisis.

    “We all hoped that lessons would be learned by the top bankers when they had to be bailed out by taxpayers but it appears to be business as usual.”

    Hester, who took over from Fred “The Shred” Goodwin in November 2008, said last week that he would stay to “finish the job” at the bank.

    He spoke after UK and US regulators hit RBS with a whopping fine for their role in the Libor scandal.

    The bank admitted 21 staff were involved in attempting to manipulate interbank lending rates between 2006 and November 2010.

    RBS, who are 81 per cent owned by the taxpayer, will recoup about £300million from their staff bonus pool to pay the fines.

    The exact value of Hester’s bonus will depend on the share price when he decides to cash them in.

    The dad of two, whose hobbies include fox-hunting, owns a 350-acre country estate in Oxfordshire, a home in London’s upmarket Holland Park and a skiing chalet in Switzerland.




    Well folks, do you think that Hester should refuse to accept that shares bonus and do you think that maybe the value in it should go towards paying the fine that RBS are being hit with because of the Libor scandal ?



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    Technician
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    Hester

    Post by Technician on Wed 13 Feb 2013, 6:18 pm

    Hi all,

    Yes, typical. While Rome burns the bankers fan themselves with our cash. This is the clown who recently said he was 'worth more' than they were paying him !!. Same as Blankenfeld at Goldman Sachs who said 'greed' was a good thing !!

    B*****ds all of them!!

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    papa_umau
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    Re: Stephen Hester urged to refuse his £800k bonus.

    Post by papa_umau on Thu 14 Feb 2013, 11:59 am

    Exactly so Technician !

    The thing is that these people think that way because the remuneration committees that award these fat-cats the big bucks make them think that they are worth this crazy money.

    It is not surprising that the remuneration committees are made up of exactly the people that finish up getting that money and in that closed shop the rewards spiral upwards out of control. ( The excuse they use is "the market rate" ).

    What needs to happen is that this spiral should be broken by the shareholders, who feel they are being let down by these fools, and the government of the day that has the power to decide what is right and what is wrong at these levels.


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