Sunday, March 29, 2009

Since the subprime crisis broke many companies have shut down. Venerable institutions like Bear Sterns and Lehman Brothers have gone bust. Thousands including CEOs have lost their jobs. Those who are still employed find themselves vilified in the press and facing questions from very angry lawmakers representing the anger felt by the public. In all this mayhem one CEO has benefited tremendously and that is Gordon Brown, the Prime Minister of Britain. While the US system forced George Bush to step aside after two terms there is no such restriction on Brown. For over a decade he was the Chancellor of the Exchequer, which means finance minister, and carried out a policy of privatisation, less taxes for the rich and even less restrictions on financial institutions such as banks. While the UK taxpayer has bailed out RBS with over 20 billion sterling he has allowed its Chairman, Sir Fred Goodwin, to retire at just 50 years of age with a pension of 700,000 pounds per year. Yesterday some people broke groundfloor windows of Sir Fred's Edinburgh home and vandalised his luxury car. No such brickbats for Brown. Since the crisis broke he has been striding the world stage like a collosus, dashing off to european capitals, lecturing the US Congress and now confering in Chile. He will be hosting the G20 summit next week and his poll ratings are up. Just proves that politicians have too much power and we the people are mugs.

No comments: