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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