Stephen Hester, CEO of RBS, has bowed to political pressure and has waived his £1M bonus.
This is of course a Pyrrhic victory for those who were baying for Hester to waive it.
Had he taken the bonus, a large chunk would have gone to the taxman; as it is, the decision to waive the bonus has knocked a chunk off the value of RBS shares (which are owned by the taxpayer).
Be careful what you wish for!
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