LABOUR 1 CITY O

  By David Vance | January 30, 2012 - 9:12 am | , ,


Oh my. BBC favourite Chuka Umunna seemed almost embarrassed when the issue of RBS CEO Stephen Hester’s rejection of the Bonus to which he was contractually entitled was introduced as “Labour 1, City 0.” The BBC has done everything possible to portray this decision by Mr Hester as some sort of “victory” for Miliband – remarkable when one considers which political party put in place the circumstances which lead to the Bonus concerned! Umunna advances the current war on capitalism and the BBC does nor challenge his spurious commentary. For example, towards the end of the interview, he moans about “other” public sector workers having to take a cut.What about this then, BBC? Some bonus payments more equal than others, perhaps?

Click through to read and contribute comments on this post.

Bookmark the permalink.

19 Responses to LABOUR 1 CITY O

  1. Martin says:
    January 30, 2012 at 9:48 am

    Yet again the Tories have had their trousers pulled down and their bums slapped by the BBC/Nu Liebore/Guardian alliance.

    Why is it that at weekends Tories seem to go MIA? It happens week after week, only Lib Dems seem to be around, I noticed that Iain Dale managed to get himself on the phone to BBC news last night sounding a bit fed up with the BBC to be honest, but what does he expect?

    The name Gordon brown has been missing from every report by the BBC, the BBC have managed to twist the whole story as nasty Tories backing their rich mates in the city and Red Ed being the champion of the people (yet again).

    You can argue the rights and wrongs of Hester getting a bonus, but the bottom line is his contract was drawn up by Gordon Brown who went after Hester to get him to run this bank. He didn’t go looking for the job.

    This whole affair reminds me of how the BBC bigged up the one eyed idiot when it looked like HBOS was going down the pan, as we know Robert Peston cheer led on the BBC for Brown’s genius (and it was Brown alone) in getting a good English bank (Lloyds) to take over another failing Scottish bank.

    As soon at the whole deal went to rat shit the BBC wiped Gordon Brown’s finger prints from the whole sorry mess, just as they’ve done now. The Tories really need attack dogs to go on the media and beat up the BBC with their lies.

       0 likes

  2. My Site (click to edit) says:
    January 30, 2012 at 10:12 am

    If I may port a duplicate from the old Open Thread…

    BBC favoured son Chukka also given free rein for his notion that highly paid folk should not be awarded bonusses for simply doing their jobs.  
     
    I’d tend to agree.  
     
    But really, as with so many things, are certain politicians and their intitutionally bent media glee clubs being a bit narrow in their scope…  
     
    http://www.dailymail.co.uk/debate/article-2088567/Huge-bonuses-grotesque-expenses-spendthrift-bosses-austerity-BBC.html  
     
    ..for some reason? Did Diane Abbott draft their contracts?

       0 likes

    • David Preiser (USA) says:
      January 30, 2012 at 2:23 pm

      Sometimes, though, bonuses are assumed to be part of the standard compensation. Or at least part of the bonus. Not everyone gets a bonus merely for showing up.

         0 likes

  3. Jeff Waters says:
    January 30, 2012 at 10:20 am

    Why Hester turned down the bonus – http://www.bbc.co.uk/news/business-16783849

    ‘It was Labour’s decision to put Stephen Hester’s bonus to a Commons vote that gave the RBS chief executive no option but to say he would not be taking £963,000 in shares.’

    This article leaves a couple of questions unanswered.  Why would Mr Hester give up a million quid because of a vote that would probably have failed in the Commons?  Why jump when you might not be pushed?

    And why isn’t the BBC asking why Labour aren’t going after the other RBS directors who make millions per year?  Maybe Labour and the BBC want to divert attention from the fact that Gordon Brown could have insisted on lower board remuneration in 2008…

    I don’t see why the BBC are making such a big deal out of this whole saga.  Why is ‘Man gets salary he’s entitled to’ suddenly a front page story?!?

    Jeff

       0 likes

  4. Jeremy Clarke says:
    January 30, 2012 at 10:25 am

    Lest we forget, let me repost Evan Davis’s ferocious grilling of Chuka Umunna from a couple of weeks back.

    I bet Chuka was reeling from that interrogation.

       0 likes

    • My Site (click to edit) says:
      January 30, 2012 at 10:51 am

      Sadly, a subtelty in comparison almost impossible to adequately articulate briefly or clearly, especially in print description of broadcast tonality, although Craigs transcripts are often dmaning enough.

      And they knoiw it.

      Interesting however, how often headlines are forged on what judges ‘believe’ or twitter mobs decry based on no more then their sense of what is inferred in the manner of conveying the words.

      Also who gets nailed in a heartbeat, and who gets a pass. Depending.

         0 likes

  5. Martin says:
    January 30, 2012 at 11:39 am

    Radio 5 leading with Red Ed saying Hester was right not to take his bonus, well done Red Ed you really did it for us all, thank you Red Ed, you’re a genius, you must be made PM right now.

       0 likes

    • Jeff Waters says:
      January 30, 2012 at 1:18 pm

      If the BBC were doing their job properly, they’d ask him what his salary was, and how he justified earning several times more than a teacher or a nurse.

      For that matter, if he becomes PM, will he be waiving his salary for that role, and eeking out an existance on 60K or whatever MPs get paid?

      Or are salaries only excessive when they’re paid to chief executives and reach 7 figures?

      Jeff

         0 likes

  6. Bupendra Bhakta says:
    January 30, 2012 at 11:46 am

    BC favoured son Chukka also given free rein for his notion that highly paid folk should not be awarded bonusses for simply doing their jobs.  
     I’d tend to agree.

    ****************************************

    This whole bonus issue is mostly a straw man.

    The salary of a bog-brush salesman will vary with the number of bog-brushes he sells.  Same salary structure for many in the City.  News just in – it is not the City way to pay bonuses for underperformance.

    First prize:      Cadillac El Dorado.
    Second prize : Set of steak knives
    Third prize :    The sack

    Would The Brothers wear that in the public sector.

    Doubt it.

       0 likes

  7. cjhartnett says:
    January 30, 2012 at 12:05 pm

    But the right shade of arse…and talking in plum, unthreatening tones what normally falls out of arses too.
    A Poundland Obama in the making, as long as we airbrush out HIS time in the City…guessing it was the St Adolphs soup run, not creaming it in!

       0 likes

  8. Mailman says:
    January 30, 2012 at 12:31 pm

    This issue was created by Labour, and exasperated by Hester! This shouldnt have turned in to the problem it became simply because Hester should have turned the bonus down BEFORE it was offered to him. He should have lead from the front and also been sensitive to the tens of thousands of staff who have lost their jobs. So in a sense Hester has shown himself to be politically naive! And when you are operating at his level this is inexcusable!

       0 likes

  9. wild says:
    January 30, 2012 at 12:34 pm

    It seems that the BBC is grooming Chukka as the next leader of their Party and (they hope) future Prime Minister.

    They are grooming him much as they once groomed Gordon Brown as the Great Leader, and before him Tony Blair. What shop soiled corrupt totalitarian bastards those two men now look now that they are out of power (even in the eyes of the BBC) but they have served their purpose.

    In the case of Chukka they have yet to build the mythology, but they will, they will.

       0 likes

    • My Site (click to edit) says:
      January 30, 2012 at 12:45 pm

      Great.. our country’s next leader, and policy, again shaped by the unaccounatble BBC elite and their extrorted £4Bpa election budget.

      Maybe a more expensive suit, but still an empty one.

         0 likes

  10. David Preiser (USA) says:
    January 30, 2012 at 2:27 pm

    This is only going to make the Beeboids and the other Leftoids feel powerful, and make them believe they can hurt the rich bankers if they work hard enough. They were able to force an innocent man – someone not involved in driving RBS into the ground, not involved in any of it – give up what was his legal due. Simply because they didn’t like it. Hester probably did it out of concern for the safety of his family.

    This is a very dangerous game the BBC is playing. Not a good sign for civilization.

       0 likes

  11. David Preiser (USA) says:
    January 30, 2012 at 2:30 pm

    Man, Evan Davis’s quasi-congratulatory welcome was unprofessional. Sad. Someone show me an example of him doing that to a Tory.

       0 likes

    • Millie Tant says:
      January 30, 2012 at 3:53 pm

      The tone he adopts is soft, sweet, unctuous, embracing, deferential. Why? He doesn’t do that with the Conservatives.  Instead, it veers between sceptical, exasperated, impatient, hectoring, hot and bothered and contentious.

         0 likes

  12. David Preiser (USA) says:
    January 30, 2012 at 3:12 pm

    I knew it. Now Stage Peformer Maitlis is talking to some talking head about whether or not other RBS employees will be forced to drop their bonuses. Let’s see the BBC discuss with the same vigor whether or not public sector bosses should lose bonuses if their departments don’t perform well. Or just if the public is angry for a moment, really.

       0 likes

  13. John Portwood says:
    January 30, 2012 at 11:03 pm

    Well value of shares in RBS and Lloyds dropped today – costing £900 million so I assume the BBC will comment on the probability it was caused by this bonus withdrawal. (City fight back)

       0 likes