Why I feel sorry for Stephen Hester

So, Stephen Hester, boss of RBS, has bowed to the political pressure and waived his right to his bonus.

No doubt there'll be plenty of politicians and tabloid 'journalists' (I use the term loosely) congratulating themselves that their combined efforts have brought about this decision.

It is a hollow 'victory'. He's an excellent CEO and will probably choose to go elsewhere (who could blame him?)- somewhere his skills will be better valued and where he'll relatively free from interference. Who will want to take his place? - there are plenty of easier jobs in banking which pay much more money (Barclays for example) so they only way to attract decent talent will be to pay considerably MORE than they've been paying Hester.

No exactly a victory for common sense, is it? Perhaps I'm naive to expect any common sense from politicians and journalists (with a few notable exceptions).

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