Why Cheryl’s worth more than a banker
Posted January 23, 2010on:
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BANKERS Goldman Sachs sparked fury by revealing their staff got paid £10BILLION last year.
Their 32,500 workers worldwide, including 5,000 in the UK, got on average £307,000.
The news comes after a banking crisis brought the world to its knees and the industry vowed to restrain bonuses.
Here financial author DAVID BOLCHOVER argues top entrepreneurs, sports stars and other celebs do earn their riches but fatcat bankers do not.
He says: “People are right to get angry about Goldman Sachs giving staff on average £307,000. It can’t be justified.
“Some people also get angry about Man United star Wayne Rooney’s £120,000 a week.
“But he is a rare talent. When he scores a spectacular goal we know the only way we can do this is in our dreams.
“So what is it bankers do that others couldn’t? Sure, they can sell.
“But lots of great salespeople in other industries are nowhere near as well paid. Bankers also need to understand complex financial products.
“But would millions of university graduates, with degrees in astrophysics or Chinese, find that impossible?
“Top executives outside banking also get paid far too much. Who says they make the difference for their companies? Maybe it was just a booming economy or the famous company name.
“If Rooney is worth his money, the value of tennis’s Andy Murray is even more obvious as he is an individual sportsman whereas Rooney depends on his team.
“And Cheryl Cole earned about £7million over the last two years. Some unknowns might sing as well as her, even look as good and be as good an X Factor judge.
“But she is the one who is famous and she is so marketable precisely because of her celebrity. No one else can be her. Unlike bankers, she is irreplaceable.
“But I think real business people are worth every penny. IKEA founder Ingvar Kamprad, Europe’s richest man, is entitled to his £14billion.
“Like other great entrepreneurs, he stood on his own two feet and took risks. Good luck to his sort. They started their own companies and created jobs.
“I wouldn’t hold your breath for those bankers to try the same.”
David Bolchover’s book Pay Check: Are Top Earners Really Worth It? is published by Coptic, priced £11.99.