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?


Seen Elsewhere

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Sainsbury’s Distance Themselves From Sick Cam Tweeter | Speccie
Elites Pay Price for Killing Grammar Schools | Jago Pearson
Thornberry Makes Burnham Leadership Favourite | Matthew Norman
Guido’s Column | Sun
BBC Still Ignoring Savile Evidence | Telegraph
Politicians Brought Down by Twitter | CityAm
Ed the Biggest Loser in Rochester | Trevor Kavanagh
A Just Way to Manage Migration | Mats Persson
Farage is Right | Lord Ashcroft


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Boris on his fellow Islingtonista Emily Thornberry:

“It was an entirely run-of-the-mill English townscape, with some straightforward words to go with it. There was no obvious insult, no abuse, no overt sneering. She might have got away with it entirely, had some alert blogger not spotted it. He instantly detected the coded message that Emily Thornberry was sending to all her right-on, bien-pensant, Labour-luvvie friends in Islington, or wherever else it is that they follow her on Twitter.”



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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