Quote of the Day: Huge CEO Paydays Are Really For the Benefit of the Little People

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From a “senior banker,” explaining to the Financial Times why the bailed-out-and-still-taxpayer-owned Royal Bank of Scotland is determined to pay its CEO a huge bonus in the face of official disapproval:

This person defended Mr Hester as a “highly credible banker”. If the chief executive turned down his bonus it would “demoralise” staff members and would send a signal that they now effectively “worked for an arm of the civil service or a utility, rather than for a bank”.

Roger that. Wouldn’t want to demoralize all those tellers and branch managers who will probably break out in a North Korean-esque hail of tears if Stephen Hester receives a bonus that’s a pence less than £1.5 million. Probably best just to keep shoveling money out the door as always.

Via Keith Humphreys.

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THE BIG PICTURE

You expect the big picture, and it's our job at Mother Jones to give it to you. And right now, so many of the troubles we face are the making not of a virus, but of the quest for profit, political or economic (and not just from the man in the White House who could have offered leadership and comfort but instead gave us bleach).

In "News Is Just Like Waste Management," we unpack what the coronavirus crisis has meant for journalism, including Mother Jones’, and how we can rise to the challenge. If you're able to, this is a critical moment to support our nonprofit journalism with a donation: We've scoured our budget and made the cuts we can without impairing our mission, and we hope to raise $400,000 from our community of online readers to help keep our big reporting projects going because this extraordinary pandemic-plus-election year is no time to pull back.

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