Originally posted by oxford mushroom:
What qualifications or experience you have that make you deserving
of that salary? Baclay Bank's boss Bob Diamond earned [b]£22m
(S$65m) in just one year...in 2006 alone! If you can do
his job, paying you S$2.2 m a year is peanuts in comparison.
Here's the BBC Business editor's take on the widening gap between
the rich and poor:
"Diamond has turned Barclays' investment banking arm from an
also-ran into a contender. No one in his game doubts that his
contribution to Barclays highly profitable global debt business
has been significant. And he's probably being paid more-or-less the
market-price for his kind of talent.
But it's arguable that the market itself doesn't work terribly
effectively, that it tends to over-value certain sorts of people -
investment bankers, hedge-fund managers, chat-show hosts, former
residents of the Big Brother house, Premier League footballers -
while undervaluing the contribution made by millions of
others.
However, some (but not all) investment bankers and footballers can
point to the substantial incremental profits they've generated for
their businesses, and they can claim with some credibility that
their personal remuneration represents value-for-money in that
context (actually, it's pretty difficult to make that claim of
Chelsea superstars, in view of the huge financial losses incurred
by the club).
We live in an era when financial capital is staggeringly
cheap and the profit-generating skills of humans are relatively
scarce and highly prized. It's why the gap between the wealthiest
and the vast majority is widening in a way we haven't experienced
for a hundred years.
There may be social and moral arguments against the widening in
that gap.
But its hard to make an economic case against it, unless you
believe that the prevailing global version of capitalism that rules
almost everywhere (barring Cuba and Venezuela) is inefficient,
unsustainable and will whither. "
[http://www.bbc.co.uk/blogs/thereporters/robertpeston/][/b]
I wonder how many SHIN CORPS Barclay Bank's boss Bob Diamond
bought?
I wonder if he had the military and the police to collect taxes
from the people?
Hello there is a difference between people that earn money for
their companies and people that simply take money from their
citizens...
