October 13, 2008

HOP

I'm a little surprised at the way the "resignation" of the Royal Bank of Scotland chief executive is being reported today.

Anyone would think Sir Robin Bastard had tearfully offered to fall on his sword complete with a full and frank apology and an explanation as to why his lust for greed and ambivalence towards savers' money had led under his stewardship to the near collapse of a mighty institution.

But no.

He walks away still able to survive on a £580,000-a-year pension - and he won't be handing back his multi-million pound bonuses from the past few years, either.

Same goes for the rest of them.

The Observer's leader column yesterday succinctly explained how the banks had always presumed they were too powerful to be allowed to fail, and were proved right.

It also mapped out how things should work in future, and how that that should start at the very least with an apology from the senior banking executives and a clear strategy of this should not be allowed to happen again.

Chances? Slim...

SKIP

Then there's Peter Mandelson, who is get a cool £1 million in a payoff and pension bonanza from the European Commission for working there a whole four years.

"Commission officials said the fact that Mandelson had quit before the end of his five-year term in charge of EU trade policy made 'no difference' to his entitlements. Any commissioner who has served more than three and fewer than five years can take 50 per cent of their £182,490 annual income for three years after leaving, so long as this sum and any income from new employment combined do not take their income over the level that they were earning as a commissioner," says the report.

This was a job he never applied for and for which he was virtually accountable to no one. No wonder he's happy to move into the House of Lords to do virtually exactly the same.

JUMP

HM Customs and Revenue was set up in 2005 by the then Chancellor of the Exchequer Gordon Brown in a bid to make sure no one got away with ever paying a penny less tax than they should - well, apart from very rich City traders who were allowed different arrangements in order that they'd carry on living (and spending) in the UK and thus encouraging our economy (no, don't laugh now - they meant it at the time).

Now we learn that HM Customs and Revenue have been swindled for £2.3m by, erm... HM Customs and Revenue staff.

So it's true, then.

The bandits really do have the keys to the safe.

16.56 EDIT: And the absolutely worst, most gut-wrenching part of this, which I completely forgot to write before, is that it has all actually made one person much happier indeed.

Yes, you might have known it: Step forward, Gordon Brooooon....

As long as it gives you a temporary reprieve, Gord, bugger the rest of us, eh?