david cameron fails to protect the taxpayers

Here for you - or themselves?

That this country, and the world, face the worst economic conditions for a century can no longer be denied. Millions are seeing their living standards drop, their pay frozen and their benefits and services cut. But those who are suffering the most in this age of economic austerity are not the causes of the problem merely its victims.

The architects of these problems are a small self indulgent minority and the politicians who cravenly allowed them to line their own pockets at the expense of everyone else and to the detriment of society now and in the future. The financial crisis can be laid solely at the feet of greedy bankers and they must now pay their fair share to sort the mess out.

We have heard, more than once, that “we are all in this together” unfortunately the directors of RBS don’t think this applies to them. David Cameron’s refusal to block the obscene bonus awarded to Stephen Hester shows this is not the case. All the pious talk about responsible capitalism and all the work done by business secretary Vince Cable to rein in greedy bankers mean nothing if, when given the opportunity, the prime minister fails to act in the public interest.

Mr Hester earns 40 times more than the median wage and considerably more than the governor of the Bank of England. A bonus should be paid for contributing something above and beyond his basic contract, not just for turning up and doing the job for which he is already generously paid. The pathetic excuse that it is less than last year is not good enough. No-one deserves this sort of largesse just for being in the right place at the right time.

Mr Hester and his colleagues are public employees in a bank in which the major shareholders are the taxpayers. The prime minister has a responsibility to act in the best interests of those shareholders and block this excessive bonus and other bonuses lined up for other senior RBS staff.

Add your name to the thousands who have already signed a petition opposing this payout at https://secure.38degrees.org.uk/RBS_chief_bonus

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