Vince Cable has refused to apologise for attacking excessive bank bonuses paid to "spivs and gamblers". CBI director general Richard Lambert said Mr Cable was right to call for shareholders to act in the wider public interest, but he added, "It's odd that he thinks it sensible to use such emotional language. The case for corporate takeovers is that they allow control of poorly run businesses to pass into more efficient hands. Mr Cable has harsh things to say about the capitalist system. It will be interesting to hear his ideas for an alternative."The thing is Vince Cable isn't seeking an alternative. He just wants the present set-up cleaned up with spanking new brooms. Mr.Lambert needs to get a grip. The present corporate rodeo cannot continue as it is. Firstly, let him come clean about what these bonuses are actually for. Secondly, let him reveal the remuneration committees and their workings. And third, let's have some concrete ideas for plc shareholder democracy. Currently it is all revolving doors and everybody taking in each other's washing.
If it were all about efficient hands I'd be the first to give Mr.Lambert a flag to wave. But the BP fiasco in the Gulf of Mexico shows that corporate efficiency and corporate expediency are fighting it out centre stage at that rodeo!
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