Yesterday it was announced that the new Chief Exective of the Royal Bank of Scotland, Stephen Hester, is in line for a £9.6 million pay package this year.
It's worth bearing in mind that RBS would have gone to the wall without the state bailout last year. We warned at the time that owning the banks without controlling the banks would lead to a return to the same greedy practices which caused the UK banking collapse.
Since being saved with taxpayers' money, RBS has announced over 10,000 job cuts. Our 70% stake in RBS has not saved jobs, but is now being used to pay one individual nearly 3000 times what ex-RBS staff will be receiving on the dole.
LEAP Chair, John McDonnell MP has tabled EDM 1721 'Banking Sector' calling on the Government to "intervene to control the banks in which it has a public stake and legislate to ensure the interests of bank workers and customers are prioritised by the banks rather than the bonuses, pay and dividends of executives and shareholders who caused the UK banking crisis."
The issue is well covered in today's Morning Star.