JAMIE CARR: KPMG in a bit of a spin
As there appears to be no hurry among the principals of the saga to stretch their well-upholstered necks on the block, the mob has turned on the bit-players
Glencore dug out of a holeThe great political economist John Stuart Mill came up with the adage that "Men do not desire merely to be rich, but to be richer than other men." This recalls the philosophical chestnut as to whether you’d be happier earning US$50,000 when your neighbours get $30,000, or earning $100,000 when all about you are trousering $250,000. Many would agree that it’s the relative rather than the absolute game that counts, and this may have contributed to the great gushing of schadenfreude that struck when Glencore had a wobble. The scale of the fortunes amassed by Glencore’s top brass was revealed to the world on listing, and the numbers may have provoked a pressing urge to man the barricades among those who toil blamelessly to pay off their mortgages every month.There are debates to be had over excessive remuneration of uninspiring executive teams, but this is a long way from what we see in Glencore’s case. There, the senior honchos are significant owners of the bu...
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