Over the past 5 years US bankers have been paid $2.2 trillion. That’s roughly twice Australia’s GDP. It is an astounding amount that was not invested in productive assets but spent on fairly useless business executives who drove their firms – and the world economy – to the point of collapse.
This makes the rewards to our own corporate dills seem stingy. The executives of Bluescope rewarded themselves with $3 million bonuses after losing $1 billion and sacking 1000 workers. One wonders whether their shamelessness reflects their view that Bluescope might not survive so that whatever is left in the cookie jar should be taken before it entirely empties. (112)