Friday, 11 January 2008

Take Your Money and Go

There is a quite unfounded belief in the stability and veracity of government and its assurances. Reports that retail depositors in Northern Rock have left some £9 billion in their accounts and that withdrawals have ceased demonstrate a death wish - and the hope, at this point, that they lose every last penny.

They have had long enough to get the money out; Labour's camp followers should have left the battlefield.


A letter to senior staff on December 20, from chief executive Andy Kuipers said the bank's board of directors had agreed "an enhanced remuneration package" for employees deemed "essential to our continuing excellent operational performance".

'He said they will receive a bonus amounting to a quarter of their gross annual salary every three months – effectively doubling their pay if they are paid the bonus for a year.

The arrangement can be withdrawn only with three months' written notice, so the employees are guaranteed at least six months' extra pay.' ( Mail on Sunday)

Now will these retail depositors take their life savings out?


Anonymous said...

It is hardly fair to wish that depositors in Northern Rock lose every penny - a lot of them are just ordinary people who are not interested in politics and take the government's asurances at face value - they probably do not listen to Tuscan bloggers believe it or not. Whatever you say ordinary people should not have their life savings treated as political footballs

Anonymous said...

Well, anon., if people won't listen to Tuscan bloggers then you don't have anything to worry about, do you? But just how many times do you have to be forewarned to become forearmed?

By the way, the over-generous bonuses of NR employees are no skin off anybody's nose except shareholders', even if bonuses ultimately are funded by government hand-outs.