Myners blasts “fat cats” Masters of the Universe

Tom P at Labour & Capital links here to a superb interview in the Times with government minister Lord (Paul) Myners.

“I've met more masters of the Universe than I would like to, people who were grossly over-rewarded and didn't recognise that. Some of that is pretty unpalatable. They are people who have no sense of the broader society around them . . . I think there is quite a lot of annoyance and much of that is justified. Let us be quite clear: there has been mismanagement of our banks.”

Of course, Tom also makes the valid point that workers pension funds didn’t challenge these rumination packages. The vast majority of trustees would have not been even aware that their fund managers were actively supporting this "mismanagement". This has got to change in the future.