4 November 2011

Alternative reality

A good fast woodland run yesterday and this morning.
On the radio Bob Diamond, CEO of Barclays Bank & allegedly the highest paid UK bank executive, was smoothly, confidently, & utterly predictably, reiterating the mantra that economic growth is good and is the way out of the current difficulties. What was more interesting though was his use of the term “compensation”. In my naïve way I have always thought of compensation as a payment to make amends following some kind of personal damage, whereas if you do a job you get paid for it or, if you are lucky, you receive a salary. However, on Planet Bank & Planet Big Business, apparently the top executives are compensated for doing their job (however badly, in most cases) with massive salary & bonus packages, which is a little ironic since it’s the rest of us who should be compensated for what they have been doing.

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