Adam Schwab in yesterday’s Crikey on revelations from the AFR’s annual executive salary review:
As usual, Australia’s leading bankers collected remuneration that would make ordinary workers shudder. Despite the Big Four banks being blessed with taxpayer monies in the form of deposit and wholesale funding guarantees, ANZ’s Mike Smith collected $13 million, CBA’s Ralph Norris $9 million and Westpac’s Gail Kelly $8.5 million.
Don’t you feel happy to have contributed?
What’s more, our largesse to the already ludicrously rich and powerful made them even less answerable to the market:
The taxpayer-funded bank assistance also helped destroy any competition from non-bank lenders in the mortgage market while the government continues to dawdle in restricting the banks’ ability to charge possibly illegal penalty fees. One would hope that Mike, Ralph, Gail and Cameron all chip in for a nice bottle of Bollinger for their good friends Kevin and Wayne this Christmas.
Seriously, why are both major parties incapable of demanding reform from these corrupt institutions before giving them taxpayers’ money?
And why do media organisations work so hard to direct our anger into other areas? (Note to anyone who’s used the word “elites” to describe lefties with blogs – may I introduce you to Mike, Ralph, Gail and Cameron?)