29 October 2010

FTSE 100 Bosses say “Fuck austerity”


Britain has a shaky economy (okay the last stats were better than expected but let’s see what happens as the State contracts massively) high levels of unemployment with far more to come, an economy) and all around belt tightening. After all the Government are saying we are all in it together.


But perhaps someone should tell that to the heads and directors of the FTSE 100 companies who act as if austerity is just for little people. Yesterday’s Guardian reported on research undertaken by Income Data Services which indicated that boardroom pay rose by 55% over the last year when bonuses and share options are taken into account.


Incomes Data Services, who conducted the research, said bonuses paid to directors of FTSE 100 companies increased by 34%, while basic pay rose by 3.6%. The amount of money waiting to be disgorged from long-term incentive schemes soared by 73%, to a total of £259m, and share option gains leapt by 90%.


Steve Tatton of IDS said the report suggested that companies returned to "business as usual" once the recession ended. "It seems the days of earnings restraint were short-lived. It is as though the recession never happened," Tatton warned. "This time last year a number of companies actually reduced their bonus ceilings. Twelve months later it appears as if these measures have been reversed, with around 40 companies reporting higher bonus scheme maxima," he added.


The average FTSE 100 chief executive now earns £4.9m a year.


Now how many of these august men and women have backed the Government’s assault on the poorest and most vulnerable.


To rephrase a quote misattributed to Marie Antoinette their attitude is clearly a case of” Let them eat shit”

11 comments:

CalumCarr said...

Indeed, Jams. Nowt but a shower of thievin' bastards.

James Higham said...

It would be great if we could say that too.

SnoopyTheGoon said...

Thieving pays off, apparently.

jams o donnell said...

Aye that's true Calum

I wish we could James

Ah that's true Snoopy. It's a crime to live in a slum but to own one is god business practice!

susan said...

Greed will be the downfall of the race.

ancient one said...

You could have been talking about the USA.

jams o donnell said...

I fear so Susan

Ah our bosses are almost as venal as your ones Ancient One!

Liz said...

When people earn so much how can they justify bonuses?

Perhaps an ambulanceman should get a bonus for each life he saves.

jams o donnell said...

The bonus would have to be much more than those parasites in the boardroom earn

Sean Jeating said...

All animals are equal but some animals are more equal than others.

jams o donnell said...

All animals are equal but some are venal scumbags who shit on the poor and vulnerable