Stephen Hester, the Chief Executive of the Royal Bank of Scotland, announced today that he will not be accepting his one million pound (one and a half million U.S. dollars) bonus. This decision followed Chairman's Philip Hampton, who turned down his 1.4 million pound bonus in shares yesterday. The bank has drawn criticism for their generosity, condsidering the British government spent fourty-fivebillion pounds bailing them out three years ago. The British still own a eighty-two percent stake. With the British economy feeling it right now, many politicians found the bonuses to be grotesque, and demanded that they be withdrawn. With so many British families feeling the pinch from the economy, many have questioned how the bank and its execs can justify the huge amounts.
By: Tyler Lundquist
http://www.msnbc.msn.com/id/46183338/ns/business-world_business/
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