Saturday, January 24, 2009

Polly Should Look at Her Bosses’ Fat Cat Bonuses

The Tuscan redistributionist friend of the down-trodden, the three-house-owning, multi-millionairess toff, Polly Toynbee, is ranting against undeserved bonuses. With the colourful prose that earns her £117,000 basic (before book royalties, media fees and advances) she lays into the worth of “performance-related pay” and the bonus culture that sees loss making Northern Rock bosses get a 10% bonus.The loss making Guardian’s editor, Alan Rusbridger, got by on a total compensation package of a mere £544,000 up from £473,000 last year. A 15% increase as a reward for losing £26.4 million – no belt tightening for him. His boss, the Guardian Media Group chief executive, Carolyn McCall, was paid a package of £827,000, comprising a salary of £424,000, plus a bonus of £385,000 and benefits in kind of £18,000. An eye watering 90% bonus.

Handy having your friends, rather than shareholders, decide your pay isn’t it? Guido has said it before and he will say it again, Polly merely dislikes the “wrong type” of rich people.

Incidentally, GMG have always been adept at using the Scott Trust and other dodges to minimise tax charges. Guido congratulates them on achieving an effective tax rate 4.99% last year. Remember that the next time Polly Toynbee calls for higher taxes and everyone to pay a fair share.

Is Myners Full of Self Loathing?

Paul Myners, long-time Brown crony and now City Minister, is attacking over-rewarded bankers. Myners made his millions in the City, he was until recently a director of GLG, the hedge fund spawned by ex-Lehmans staff, that made fortunes for traders taking short-term bets. It was one of the funds that profited the most from the collapse of Northern Rock.

He has a cheek doesn’t he?


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Journalists in the Dock | David Banks
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May v Javid | ConHome
Politicians Never Safe From Being Recorded | Stephen Pollard
Superstar Carney | Alex Brummer
Gulf Dividing Labour | Mary Riddell


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Tony Blair threatens Ed:

“If you had a strong political lead that was combining the politics of aspiration with the politics of compassion, I still think that’s where you could get a substantial majority…  If I ever do an interview on [the state of the Labour Party], it will have to be at length…”



Left on Left says:

The lefties are attacking because the panellist is a millionaire and lives in a London home worth upwards of two million. Someone had best tell them he’s called Ed Miliband.


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