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This person defended Mr Hester as a “highly credible banker”. If the chief executive turned down his bonus it would “demoralise” staff members and would send a signal that they now effectively “worked for an arm of the civil service or a utility, rather than for a bank”.

The Financial Times describing why the CEO of the Royal Bank of Scotland, which was bailed out and is still taxpayer-owned, should not see his bonus cut. I’ve known bank tellers, and none of them ever mentioned the size of their CEO’s bonus as they reason they get out of bed each morning. What world do these people live on?

(hat tip: Kevin Drum at Mother Jones)