The Business Secretary set out plans to reform the pay of top executives in the City, whose pay has soared by 12 per cent while most employees are seeing real term cuts in their pay.
Mr Cable said he was often asked "why I don't make the same fuss about footballers", while claiming that pay for bankers is too high.
"There is a difference," he said. "Failure is severely punished. Rewards for the few are lavish but quality is recognised. Nor do we have fundamental objection from the fan base. But they do expect rewards to reflect merits." (AtW's comment: that's total BS - lots of very highly paid flops who don't perform yet bank massive salary that banks can only dream of)
Mr Cable said he wanted a change in business culture to make sure there were no longer "rewards for failure and mediocrity".
The Business Secretary said he would like to see fewer lords on the board and more new directors whose "achievements are before them rather than behind them".
Source: Vince Cable: footballers deserve lavish pay, bankers don't - Telegraph
Mr Cable said he was often asked "why I don't make the same fuss about footballers", while claiming that pay for bankers is too high.
"There is a difference," he said. "Failure is severely punished. Rewards for the few are lavish but quality is recognised. Nor do we have fundamental objection from the fan base. But they do expect rewards to reflect merits." (AtW's comment: that's total BS - lots of very highly paid flops who don't perform yet bank massive salary that banks can only dream of)
Mr Cable said he wanted a change in business culture to make sure there were no longer "rewards for failure and mediocrity".
The Business Secretary said he would like to see fewer lords on the board and more new directors whose "achievements are before them rather than behind them".
Source: Vince Cable: footballers deserve lavish pay, bankers don't - Telegraph
Comment