The commission shows that the former chief executive of Barclays John Varley earned £4,365,636 last year – 169 times more than the average UK worker – an increase of a 4,899.4% since 1980, when the top pay in Barclays was just 13 times the average. The pay of the chief executive at now state-owned Lloyds Bank has increased by 3,141.6% to £2,572,000 over the same period – 75 times the average Lloyds employee. In 1980 it was just 13.6 times that of the average Lloyds worker.
Average wages in the UK today are £25,900 - up from £6,474 in 1980.
The report says: "Stratospheric increases in pay are damaging the economy – distorting markets, draining talent from key sectors and rewarding failure. There appears to be little truth in the myth that pay must escalate to halt a talent drain in executives."
An example of something to worth protesting about.
Next time some asshole in management tells you that you need to add social media features, ask them to come up with the most shocking content that you might ever potentially have on the site and ask them whether they still want goofy smileys and “Like this” buttons after it.
via Tom Morris - Why you need less interactivity.
I like Tom.
I heard last night that Berlusconi had finally stepped down his premiership in Italy. This last passage is pretty surreal:
All day, crowds took to the streets in front of parliament as Berlusconi prepared to put an end to the most extraordinary career in the politics of modern Europe. The Berlusconi era began 17 years ago with Forza Italia!, a party named after a football chant, and ended in the lurid murk of "bunga bunga" parties and alleged juvenile prostitution.
With his genius for communication and readiness to make extravagantly implausible promises, Berlusconi secured for himself a place in history as Italy's longest-serving leader since the country's fascist dictator, Benito Mussolini. He long outlasted his early counterparts: when he first held office John Major was Britain's prime minister and Bill Clinton the US president.
More here in the Guardian article