Index11: AUSSIE MILLIONAIRES' CLUB
It has been dubbed, according to correspondent Bill Holvey, The Millionaires Factory. Its real title is Maquarie Bank of Australia. Other banks must wince with embarrassment when they see the public disclosure of the gross profits which banks can make from their licensees to charge interest on something they create out of nothing and then dish out their profits by the bucketful, to their top brass on the inside.
Managing Director Allan Moss took home $9.1 Million in 2003-2004, and is sitting on an extra $16.6 Million payout, ostensibly representing his "accrued profit share". Total employment expenses for the bank's 5,700 staff were a whopping $1.24 Billion, during the year; which averages about $220,000 per employee, if evenly divided (which it isn't).
Executive Chairman David Clarke, recipient of a $4.5 Million pay packet in the same year removed any doubts about whether Maquarie Bank was unique as a golden egg goose by asserting that these vast sums were just a function of the Banking Industry.
Our Comment: Small wonder, after these disclosures, that the banking fraternity in places like England and America, where banks, united with a string of super rich families behind them, literally control government policies to suit themselves.
--from ELECTRONZ - 501 (1st Issue of 2005)