Fat Cat Capitalism

Continuing our exposure of those over-paid lackeys of capitalism as reported by The Herald.

Scottish Widows chief Archie Kane's pay package has soared by nearly 50% in just two years - Lloyds' annual report shows that Kane earned £1,252,000 last year, a 36% increase on the £919,000 he banked in the previous 12 months and 46% more than in 2004. Last year's package included a basic salary of £500,000 and a performance bonus of £715,000, together with other benefits worth £37,000.

Kane also saw his pension boosted by £715,000 in 2006. This gives him a personal retirement pot of £4.4million and entitles him to an annual pension of £265,000, up from £240,000 in 2005.

Lloyds TSB's annual report also reveals that basic pay rates and potential bonuses for the bank's executive directors were greatly increased from January 1 this year. Kane got a 10% rise in his basic salary, to £550,000, and his potential bonus was increased from 150% of salary to 200%. Kane could earn £1.1m in bonus alone in 2007.

The maximum potential bonus has been increased for all Lloyds executive directors from 150% to 200% - with the exception of chief executive Eric Daniels, for whom it has risen from 175% to 225%. Last weekend it was disclosed that Daniels received a 27% jump in his total pay last year to £2.4million .

Although Socialist Courier directs browsers attention to these income inequities , we do so , not out of shallow envy . We do not advocate increased equalisation of income . We simply wish to point out that these privileges and disparities are built into the capitalist system and that the whole edifice has to be abolished , not just the unpalatable parts .