Wednesday, May 28, 2008

People without shame

How can an executive of a bank receive a retirement deal of 80 million Aussie dollars and not feel profound shame?

Mate, no one deserves that much. No one. Certainly not a banker. The man's successor gets a base pay packet of $27 million. That's obscene too. Unless perhaps you personally find a cure for all cancer and Alzheimer's, all by yourself, which is pretty unlikely.

Shame on Macquarie Bank Ltd.

What happened to the idea of the Aussie "fair go"?

Allan Moss and Nicholas Moore.

Remember those names, folk.

5 comments:

Andrew Macrae said...

I feel sorry for them. Imagine the pressure of living with that much wealth. Imagine how scared they must be, even unconsciously, of the possibility of losing it all.

mikandra said...

No need to feel sorry, as he won't be losing anything. Alan Moss of course is married to the NSW ex-parlementarian Irene Moss, who has quite a generous salary of her own (just googled her, but I can't get an answer on what she's doing now). They've never had the time for children (maybe you do need to feel sorry after all).

My other half worked for Mac Bank for a bit last year and from his accounts I can confirm they are indeed money-grabbing bastards.

Jo said...

But salaries these days are obscene. Look at what they pay football players (US or UK) We remember when the top British football (soccer) player, Sir Stanley Matthews, got £8 a week. Now they get millions. I have a friend who would argue top government, CEOs and such should get paid well to attract the best, but someone should have put a ceiling on it long ago. I can look around me and see people who are struggling on pensions whilst these people are "suffering" under the burden of so much money and Canada is a comparatively wealthy country.

Peter said...

With executive salaries and bonuses linked to profit and share price it's no wonder their focus is on squeezing every dollar they can out of customers.

With thousands of Australians losing their homes due to rising interest rates that many banks have set above the reserve bank official rate, I dearly hope these executives have troubled dreams.

DriftForge said...

Actually, of a number of the big payouts that have been received lately, I think this one is probably one of the most justified.

Alan Moss didn't get paid out because things have gone badly. He got paid out because he did well. And because he did well, a great number of investors, clients and others also did well.

Sure, slam 'golden handshakes' that are given to executives who screw up, but don't complain about people being rewarded for doing their job well.

I think if you compared the benefit Alan Moss brought to Macquarie Bank to that payout, $80 million is small change.