The Financial Services Authority (FSA) has awarded itself, or rather 20% of its staff, a 10% pay rise.
Despite the fact that its expenditure exceeds its income, by around £23M, the FSA justifies this largess as "necessary" compensation for the closure of its final salary scheme to existing members.
This is the same FSA that, as an organ of the state, presided over the collapse of Northern Rock and the near collapse of the entire banking system.
This is also the same FSA that lectures banks etc against bonuses and unrealistic pay awards.
Given that they have less than two years before they are abolished by the Conservatives, they appear to be trying to make the most of their remaining time on earth.