We are constantly made aware that we are living in an economic depression and that during these hard times we will all have to make sacrifices. This of course does not apply to the owning class. "Angela Ahrendts, the chief executive of Burberry, the fashion house, took home £15.6m last year through a mixture of pay, bonus, cashing-in shares and a clothes allowance. The package makes the American one of the UK's best paid chief executives. Her salary was £990,000 and her bonus was £1.98m, both of which were unchanged. However, she enjoyed a large jump in her pension contributions and a £387,000 "cash allowance" which includes a clothing allowance on top of her staff discount, and money relating to her "relocation" package dating to when she moved to Britain in 2006. It is understood this includes children's school fees and some travel. Her total pay packet was £3.68m, up 4pc." (Daily Telegraph, 8 June) This obscene amount of cash is only possible through the exploitation of the working class. RD
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
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Paternalism is a common attitude among well-meaning social reformers. Stemming from the root pater, or father, paternalism implies a patria...
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From the horse's mouth:
Top US and European bankers, including JPMorgan Chase’s Jamie Dimon and Citigroup’s Vikram Pandit, have enjoyed double-digit annual pay rises averaging almost 12 per cent, despite widespread falls in profits and share prices, Financial Times research shows....The analysis of total pay awarded to 15 bank chiefs by Equilar, a US pay research group, shows they received an average 11.9 per cent pay rise last year to $12.8m, the second increase in a row:
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