Fatuous rich guy quote of the day
by digby
A senior official at the Bank of Scotland explaining why they need to pay their CEO an obscene bonus:
If the chief executive turned down his bonus it would “demoralise” staff members and would send a signal that they now effectively “worked for an arm of the civil service or a utility, rather than for a bank”.
Yes, he has to take the money because the staff wants him to have it, so they can feel a part of the exciting and glamorous world of ... banking.
Update: Atrios sez:
And it isn't the Bank of Scotland, it's RBS, an almost wholly owned entity of the British government, and a very poorly performing investment so it's not entirely clear why any bonuses for top management are deserved at all.
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