Bits n bobs

The news on bonuses at RBS seems to be a reasonable development, although, much as I don't want to see bankers getting performance pay from the taxpayer, I can't help feeling this is a bit of a side-show. There's a danger that all the hot air about bonuses distracts from bigger questions about how the banks on taxpayer life support should be run. Interesting comment at the end of the Beeb piece though:

"These short-term cash bonuses have been so terribly destructive," said Ruth Lea at Arbuthnot Banking Group.
"If the taxpayer hadn't bailed out this bank in the early part of October, this bank would have been bust and these people would have been out of a job," she added.

Yep, that Ruth Lea - ex-IoD head of policy and TPA supporter - who only last year was saying that remuneration was an issue for companies and shareholders and the Government should keep out (although of course she could argue that she is being consistent as now the Government is the controlling shareholder). Is it a sign of the times that she is also bashing bonuses, or does the bonus issue simply serve as a useful lightning rod?

Meanwhile John Gray has a news bit about Unison capital stewardship activity.

On an unrelated point I recently read Black Mass by the other John Gray. I found it a bit disappointing actually, especially having enjoyed Straw Dogs so much. While I enjoyed the stuff about how utopian belief systems seek to fit a narrative to history (be it historical dialectics, the 'end of history', the second coming, whatever) it wasn't quite what I was expecting. There is some good stuff in there though and I'll try and post a couple of chunks.

Finally, I am (saddo that I am) really excited about the imminent arrival of this book which I ordered ages ago, and which Amazon have told me is in the post.