Northern Rock bosses still getting £100,000 bonuses
Posted by: delusional in Economy, Fantasy House Prices
You couldn’t make it up.
Northern Rock, the [almost] failed UK bank which now potentially owes the British taxpayer £55,000,000,000 (£55 billion) has reportedly payed it’s top bosses bonuses up to £100,000 each.
In a letter to senior staff, chief executive Andy Kuipers said that the “enhanced renumeration package”, which pays 173 Rock employees up to £25,000/quarter, was “essential to our continuing excellent operational performance”
Well, if Northern Rock are currently experiencing ‘excellent operational performance’, I’d hate to see them have a bad year.
Quite frankly, Northern Rock’s attitude is making a mockery of the British taxpayer who is still bailing out a company which may soon have to be nationalised as it’s viability is brought into question.
On Tuesday, there will be an extraordinary meeting of shareholders as they attempt to block the sale of Northern Rock to HM Treasury. In the mean time, the taxpayer’s exposure to Northern Rock will continue to increase.
Photo Credit: Alex Gunningham cc-by-2.0
Tags: bonuses, nationalisation, northern rock, taxpayer
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