Scrapbook wonders what business Prince Andrew has entertaining RBS boss Stephen Hester. The Court Circular reveals that the controversial boss of the publicly-owned bank was received by playboy prince at Buckingham Palace yesterday:
“The Duke of York this morning received Mr. Stephen Hester (Chief Executive, Royal Bank of Scotland)”
Despite stepping down from his trade envoy role over his friendship with a convicted sex offender, it seems the prince still can’t help sticking his nose into government affairs.
With the RBS share price is already half what the taxpayer shelled out in 2008 — Scrapbook trusts Hester won’t be taking Royal advice.
With the news that Stephen Hester has rejected his whooping £973,000 bonus, it would seem a PR disaster has been averted and responsible capitalism has prevailed. But the contrarians over at the Torygraph have taken a different stance, whinging that Hester’s rejection has cost the Inland Revenue half a million pounds sterling.
“The RBS chief executive would have received £963,000 in shares, of which the taxman could have clawed back around £500,000.”
Along with the taxpayer’s 83% stake in RBS and the short-termist bonus culture which led to the financial crash, the Telegraph may have forgotten that HMRC’s mooted £500,000 windfall would comprise just 0.00109 percent of the £45.8bn already thrown at the Edinburgh-based bank since 2008.
Around 37% of the £124bn of City bailout cash has headed to Hester and chums.
No Daily Mail lovers at Scrapbook, but credit where credit is due for the following photo/caption combination starring the beleaguered banker, RBS boss Stephen Hester:
“The notoriously thin-skinned Stephen Hester remains annoyed whenever any newspaper prints the much-published photograph of him astride a horse dressed in full hunting regalia.”
Some irony that Hester who is now being hounded.