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Monday, January 10, 2011

Political Nowse

The much derided review into RBS by the FSA, which the FSA is struggling to keep from the prying eyes of the taxpayer apparently earned PricewaterhouseCoopers £7.6M for their work on the review. The taxpayers did not foot the entire bill, as the FSA charged RBS a special levy of £4.7M.

That being said, the fact that the FSA wants to keep the taxpayers from seeing what they paid £2.9M shows a remarkable arrogance and lack of political nowse.

RBS, wrt political nowse, are clearly singing from the same song sheet as the FSA as they have happily awarded their CEO (Stephen Hester) a bonus of £2.5M.

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