Thursday, August 13, 2009

Naughty, naughty

Fresh from using off-shore entities to faciliate structured transactions for tax-abating purposes, the Guardian gets caught out on the hypocrisy tip again:

Guardian Media Group lost £24m on foreign exchange derivatives last year as the slumping pound played havoc with its hedge fund investments.
Lefties using those vile hedge funds and destructive derivatives? Tsk, tsk

Pity the little people:

The Guardian News & Media editor-in-chief, Alan Rusbridger received an 11% rise in salary and benefits to £445,000 for the year to 29 March.

The GMG chief executive, Carolyn McCall, took a 39.7% pay cut* last year, receiving a total package of £498,000. The previous year McCall received a total of £827,000, including a salary of £424,000 and bonus of £385,000.

In the year to 29 March, McCall's salary remained almost unchanged at £472,000, she received no bonus and her benefits totalled £26,000.

Tim Brooks, the managing director of Guardian News & Media, the GMG division that publishes the Guardian, Observer and, received a total package of £256,000. This represents a 33.6% drop on the last financial year primarily due to him receiving no bonus.

Mark Dodson, the chief executive of Manchester Evening News publisher GMG Regional Media, had a cut of just under £100,000 in his package to £309,000 last year.

John Myers, the former chief executive of GMG Radio who left the company at the end of February, received a 140% year-on-year boost in his remuneration package from £227,000 to £545,000, due to a payout from a loyalty scheme. Myers received a basic salary of £210,000 and a bonus of £333,000.
*Salary "cut" meaning salary "increase"

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