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| Minister's bank comments disowned | Minister's bank comments disowned |
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| A government minister's suggestion that some bank executives have been "grossly over-rewarded" is not a view shared by the chancellor, the Treasury has said. | A government minister's suggestion that some bank executives have been "grossly over-rewarded" is not a view shared by the chancellor, the Treasury has said. |
| In an interview with the Times, City minister Lord Myners blamed banks for their part in causing the recession. | In an interview with the Times, City minister Lord Myners blamed banks for their part in causing the recession. |
| He said executives had "no sense of the broader society around them" and the "golden days" of big bonuses were over. | He said executives had "no sense of the broader society around them" and the "golden days" of big bonuses were over. |
| A spokesman said these were Lord Myners' private views, and were not the words of the chancellor or Treasury. | A spokesman said these were Lord Myners' private views, and were not the words of the chancellor or Treasury. |
| BBC political correspondent Iain Watson said the Treasury was seeking to distance itself from the tone of the comments, without in any way disputing them. | BBC political correspondent Iain Watson said the Treasury was seeking to distance itself from the tone of the comments, without in any way disputing them. |
| I have met more masters of the universe than I would like to, people who were grossly over-rewarded Lord Myners,Financial Services Secretary | I have met more masters of the universe than I would like to, people who were grossly over-rewarded Lord Myners,Financial Services Secretary |
| The Treasury told the BBC: "These are Lord Myners' comments in the context of an interview - these are not the words of the chancellor or the Treasury. The chancellor has made clear his own view on the banks." | The Treasury told the BBC: "These are Lord Myners' comments in the context of an interview - these are not the words of the chancellor or the Treasury. The chancellor has made clear his own view on the banks." |
| In the interview, Lord Myners, Financial Services Secretary, also revealed the bank system came close to collapse last October, ahead of the government's £500bn rescue package. | In the interview, Lord Myners, Financial Services Secretary, also revealed the bank system came close to collapse last October, ahead of the government's £500bn rescue package. |
| "There were two or three hours when things felt very bad, nervous and fragile," he said. | "There were two or three hours when things felt very bad, nervous and fragile," he said. |
| "Major depositors were trying to withdraw - and willing to pay penalties for early withdrawal - from a number of large banks." FROM THE TODAY PROGRAMME class="" href="http://news.bbc.co.uk/today/hi/default.stm">More from Today programme | |
| He said: "I have met more masters of the universe than I would like to, people who were grossly over-rewarded and did not recognise that. Some of that is pretty unpalatable. | He said: "I have met more masters of the universe than I would like to, people who were grossly over-rewarded and did not recognise that. Some of that is pretty unpalatable. |
| "They are people who have no sense of the broader society around them. There is quite a lot of annoyance and much of that is justified. | "They are people who have no sense of the broader society around them. There is quite a lot of annoyance and much of that is justified. |
| "Let us be quite clear: there has been mismanagement of our banks." | "Let us be quite clear: there has been mismanagement of our banks." |
| Knighthoods | Knighthoods |
| He also told the newspaper he could see no economic justification for the exponential rises in pay over the past 20 years. | He also told the newspaper he could see no economic justification for the exponential rises in pay over the past 20 years. |
| Bank executives should decide for themselves whether to pay back their bonuses or lose knighthoods, he added. | Bank executives should decide for themselves whether to pay back their bonuses or lose knighthoods, he added. |
| This week, the UK officially went into recession after two consecutive quarters of negative economic growth - the widely accepted definition. | This week, the UK officially went into recession after two consecutive quarters of negative economic growth - the widely accepted definition. |
| Gross domestic product fell by 1.5% in the last three months of 2008 after a 0.6% drop in the previous quarter. | Gross domestic product fell by 1.5% in the last three months of 2008 after a 0.6% drop in the previous quarter. |
| It represents the biggest quarter-on-quarter decline since 1980, and a 1.8% fall on the same quarter a year ago. | It represents the biggest quarter-on-quarter decline since 1980, and a 1.8% fall on the same quarter a year ago. |