I have just read this on the Grauniad website, and I do have to admit that it made me smile first, that is before sending me into a sense of total bemusement. To be honest this story first crossed my radar whilst listening to the Today Programme this morning.
The bit of the story that causes my bemusement is this:-
It also confirmed that it has agreed to pay former chief executive Adam Applegarth up to £760,000 and increase his annual pension by more than £40,000 a year to £304,000.
Now I have to confess that I would definitely not complain at being paid three quarters of a million, plus enhanced benefits, for making a complete cock-up of my job; I mean I actually thought that this bank was on the point of going tits up, but instead of giving the guy in charge the Grand Order of the Boot, they give him a very nice financial reward. I really do think that it begs the question of where this money is going to come from, and I think that if Northern Rock were looking after (a touch of sarcasm there) my money, this would be a question that I would be asking VERY vociferiously indeed, especially given the fact that vast amounts of tax-payers money is going into pulling Northern Rock’s ass out of the fire!
