I've just read your update, Fr. Now: are you going to ask those hard questions? And remind me never to strike a deal with you ...
Well done, Fr. As part of the groundswell calling on Mr. Hester to forgo his agreed reward for recovering some of the vast amounts of money thrown at RBS by the politicians, or have the government step in to refuse it him, you've cost the country a significant amount of money. RBS shares fell 2.5% this morning (representing a loss of about £330 million), as market participants such as pension funds took reasonable fright that the government will incrasingly meddle in the bank's affairs, and that it will not in consequence be run as a commercial operation.Perhaps the moral high ground doesn't feel do good now.
Despite the criticism of Ian W you should take heart, Father, that the majority of the public is probably with you. And it's high time that our Prime Minister, representing the taxpayers who are the majority shareholders in RBS, practised what he urges other shareholders to do regarding executive pay.I go with you on this one.
It gets worse, I'm afraid, Fr. The combined loss of share value in RBS and Lloyds (the other big bank at which the politicians threw barely imaginable amounts of money) was the best part of a billion pounds by end of day. That alone makes it even more unlikely that the taxpayer will ever recover the billions frittered away in our name, and which could be sorely used elsewhere. Add to that the knowledge that politicians still haven't learned not to meddle (as opposed to framing regulation, where their track record is also pretty poor), and we might as well write off that money now. I suppose we shouldn't be surprised. It was politicians who talked Lloyds into its catastrophic takeover of HBOS, and encouraged the Chief Executive of RBS by giving him a knighthood. It does surprise, me, though, when those who live outside the policians' fantasy land encourage them in their delusions.
ps I am pleased to hear of the work of the Exploration Group in Redbridge & Havering. Keep up the good work!