Monday, 14 September 2009

Phoenix Four let-off

The Phoenix Four have got off lightly. Apart from Peston's blog they have attracted nowhere near the amount of criticism doled out to MPs, Fred Goodwin or Bernie Madoff.

But why not? The men who presided over the collapse of MG Rover gave themselves £42m.

As Peston says:

The inspectors describe the remuneration as "unreasonably large" for a whole host of reasons, such as:

(1) the financial performance of the business was lamentable;
(2) the executives risked only paltry sums of their own money;
(3) they had never in the past been paid anything like this for their alleged business skills.

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