RBS Gives £4million Bonus to CEO

John Hourican, Chief Executive of Royal Bank of Scotland’s Global Banking and Markets Division is set to get 4 million pounds in bonus. To reduce expenses his company will axe about 10,000 jobs from his division. Whenever there is economic trouble corporate houses start cutting jobs starting with the productive forces. Usually, it’s a factory worker, bank teller, accounts executive or a salesperson. They were the “eyes and ears” of the company when going was good. But they turned into ‘excess fat’ when things went wrong. Bank’s strategy is set by the Board of Directors and top management. It was the Board’s faulty risk taking appetite which brought the financial industry to its knees. But it was branch staff at small towns and cities who ended up paying twice. First they paid by job cuts. Second, their tax money went to those same banks as ‘bail out’ package. That government fund used for rescuing banks could have gone to affected people through transfer payments. Multi millionaires also pay less in taxes by their complex investment management techniques through off shore accounts in tax haven islands. Its always the hard working poor guy with a family who has to pay for everything. He is always the first one to be hit by downturns. Where is the safety net for poor guys like me in a cut throat materialistic world.


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