Sunday, March 30, 2008

Northern Rock: rewarding incompetence

Arguments in favour of paying fat cats mega bucks often state that its rewarding talent . The City makes money and brings us all prosperity. New Labour positively drool over the rich.

So how come when Northern Rock not only fuck up, but the taxpayer bails them out thus costing us money,its now former boss gets a nice pay off:

Northern Rock will ignite a storm of controversy tomorrow when it reveals that its former boss Adam Applegarth received a £750,000 pay-off when he left last December.

Applegarth, who is 46, is also entitled to draw on a pension pot of £2.5m at the age of 55, built up since joining the bank as a graduate trainee almost 20 years ago. Experts say that could bring him retirement benefits of up to £200,000 a year.

Can't see an ordinary worker getting anything other than their cards if they cost their company money.