The Age of Austerity

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RBC boosts CEO's pay 25% to $12.6-million

Royal Bank of Canada chief Gordon Nixon took home $12.6-million in total direct compensation last year, the highest amount the bank has paid a chief executive.

The paycheque represents a 25% increase over the previous year.

I do understand that RBC is doing well, which is how they'll justify this kind of increase. But successive governments, on behalf of their corporate constituency, have spent better than 3 decades engineering the economy to ensure that banks will do well. When banks do badly, governments take steps to ensure that it's short lived.

Then the CEO gets a 25% increase on what was already an eight figure salary while the rest of us are told that we'll have to work for an extra two years before qualifying for that old age security cheque and oh, by the way, you don't qualify for the employment insurance benefits you paid for.

The austerity agenda is a racket. Looters in suits and ties.

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3 Comments

Ian Welsh's most recent piece, "On Economic Justice" is aligned with you on this. Not totally surprisingly, perhaps.

http://www.ianwelsh.net/on-economic-justice/

Not surprising at all.

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