Stephen Hester’s bonus: A defence

Mark Littlewood writes for the Daily Mail's RightMinds blog

The fury surrounding Stephen Hester’s bonus moves us one step closer to a pitch-fork wielding lynch mob and one step further away from a rational debate about reform of the banking system.

Seemingly, everyone­ from the Taxpayers Alliance to the Occupy Movement through to the mayor of London – has taken to the airwaves to express their fury or bewilderment with the £963,000 awarded in shares, to the Royal Bank of Scotland chief executive.

How can this man deserve a single penny? Hasn’t the share price of RBS fallen rather dramatically this year? Isn’t Mr Hester effectively a public servant who should be carrying out his role out of a mixture of patriotic pride and civic duty rather than for a very substantial wedge of cash?

The facts, it seems, are not being allowed to get in the way of a good story.

Stephen Hester has the unenviable task of returning the RBS to a fully functional state before the government divests itself of its shares and the bank is returned to the private sector. All taxpayers and all those who receive any sort of funding from the state should wish him well in achieving this.

Read the rest of the article on the Daily Mail's RightMinds blog.
 

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