$11 million annual salary is “modest,” says bailed-out bankster Chairman

Only in the banking world could you expect to hear such nonsense as the chair of a bank suggesting that an $11 milion dollar annual salary (including bonus) is “modest.”

The Royal Bank of Scotland Chairman is trying to suggest that because other bank CEOs are paid even more, his CEO’s salary of nearly $2m a year, and potential bonus of over $9m, are “modest.”

I wonder how the RBS CEO’s salary compares to other bank CEOs who weren’t bailed out by the state and thus lost their jobs when their banks dissolved into nothing?  I’m guessing that $11 million compared to “nothing” is a bit better than “modest.”

Royal Bank of Scotland

Royal Bank of Scotland

Let’s face it, others in the banking industry (including AIG after it was rescued with $180 billion and then threatened to sue the government that bailed it out) have pretty much said the same thing. They’re so delusional that they probably even believe what they’re saying. The banking bubble they all live in precludes them from seeing the destruction that they caused around them, such as trillions of dollars of government handouts, millions of job losses, plus the damage to a number of national economies, including the UK’s, due to post-recession austerity measures.

But no, when talking to the banks in the plastic bubble, none of that matters. It’s always about them, to hell with everyone else. In the case of RBS, it’s 82% owned by British taxpayers after the bailout, and the bank was just fined  $600 million over manipulating Libor rates.  Oh yeah, and the folks in the bank who got them into the Libor trouble are soon getting $400 million in bonuses.

How’s that for modesty?

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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7 Responses to “$11 million annual salary is “modest,” says bailed-out bankster Chairman”

  1. Ashley Smith says:

    Perhaps it is time to introduce a maximum wage – say £1.0M – £1.5M before tax. No one needs more. You can only live in one house at a time, drive one car, eat one meal etc. Untrammelled greed has become the signature of those born during or after the second World War. Time to say; enough.

  2. samizdat says:

    It’s not so much that he “doesn’t get it”, it’s simply the case that he and all of the other parasite-class–CEO’s, COO’s, CFO’s, upper management of all stripes, and pols–think that they deserve it. Oh, he gets it alright. He gets that the hoi-poloi are just there to serve and enrich the ruling class.

  3. pappyvet says:

    “Experience demands that man is the only animal which devours his own kind, for I can apply no milder term to the general prey of the rich on the poor.” Mr. Jefferson was speaking in the 1790s

    “The Roman arena was technically a level playing field. But on one side were the
    lions with all the weapons, and on the other the Christians with all the blood.
    That’s not a level playing field. That’s a slaughter. And so is putting people
    into the economy without equipping them with capital, while equipping a tiny
    handful of people with hundreds and thousands of times more than they can use.”
    Mr. Kelso was speaking in the 1990s.

    ”If we took away the minimum wage — if conceivably it was gone — we could potentially virtually wipe out unemployment completely because we would be able to offer jobs at whatever level.” Ms. Bachman was speaking in 2005
    The American Revolution has not yet been won.

  4. OK – between my SS, CPP and a part time job I make a whopping $1900/mo, and my hubby brings home a little more. We do all right. Can’t imagine what we’d do with $11 mil. But I bet we are happier with our lifestyle that that arsehole is! Every time I read that the people who percolate to the top of these industries are classic psychopaths it makes sense.

  5. nicho says:

    Slightly, but not entirely, OT:

    Study finds that Tea Party was created partly by the tobacco industry


  6. BeccaM says:

    The average CEO salary at Japan’s largest corporations in 2010 was roughly $600k.

    By the standards of the 99%, I’m positive that numbers would vary, but most of us would feel there’s a cut-off between “modest” and “comfortable” that kicks in at less than $100k/year (how much less is the debatable part).

    $11 million/year plus perks and stock options is an embarrassment, especially when the company you were being paid to run had to go begging to the government for taxpayer money to keep from going under due to your own mismanagement.

  7. nicho says:

    It’s all perspective. I used to ask my (college) students in the ’90s what sort of income they would have to get to be rich. This was in a state college in a former mill town. Their answers ranged from $150,000 to $200,000 a year. I had to explain that the truly rich would spend more than that on a weekend of golf and not blink an eye.

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