>Retired Cash: But Not For The Top Cats

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Gherkin Tower, The City, London


British Petrolium (BP) today announced third quarter profits of £6.4 billion ($10 billion) just as stock market shares plummeted again below 3860 on the opening of the FTSE.

The Oil and Gas company claimed the success was due to record high prices at the petrol pump.

This should come as no surprise, and you do not need a degree in economics to work out £1.20 per litre ($1.88) means huge profits, as 500,000 are currently reported in negative equity and 1.2 million are expected to slip that way over the coming months.

To add insult to injury, the first bank to fall, Northern Rock – as the government bailed out the bank to the sum of £50 billion ($78b), the bald-headed boss Adam Applegarth walked away with £750,000 ($1.2m) and a pension of £2.5 million ($3.9m).

Not to be left out, Royal Bank Scotland boss Fred “The Shred” Goodwin walked away with a pension pot of £8.37 million ($31.1m), but wavered his golden handshake of £1.3 million($2m). The taxpayer bailed out RBS to the sum of £20 billion ($31.4b). Last year Goodwin earned £4.2 million ($6.6m) and a bonus of £2.86 million ($4.5m).

Bradford and Bingley was also bailed out for £50 billion just before the main crash hit this month, yet B&B boss Richard Pym recieved an annual wage of £3 million and a bonus of £1.5 million in August this year.

All material on this blog – stills, video and print – is (c) Jason N. Parkinson 2008. All Rights Reserved.

Please contact the AUTHOR for access to any material and the extensive four-year video archive.

jasonnparkinson@gmail.com

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