Outgoing BP Chief: 'Life's Not Fair'
SKY NEWS: The outgoing BP chief executive Tony Hayward says he feels "demonised and vilified" over the Gulf of Mexico oil spill as the firm posts one of the biggest corporate losses in history. Joel Hills reports.



No, Tony, life certainly isn't fair when people who screw-up can walk away from a company with millions in the form of a golden parachute, yet others work all their lives, do things well, but walk away with next to nothing. Life certainly isn't fair. You got that right! – © Mark

BP Blunderer's Golden Goodbye: Hayward Exits with £10m Pension Pot as an American Replaces Him
MAIL ONLINE: The embattled head of BP is on the brink of bailing out today - with a golden parachute to break his fall.

Tony Hayward, who arrived at the company's headquarters in London this morning, will receive a seven-figure payoff and a pension estimated at £584,000 a year.

He will stand down today after three months of abuse left him described as the ‘most hated and clueless man in America’.

The enforced departure of the 53-year-old Briton will top the agenda at a crucial London board meeting today.

He has been widely seen as a ‘dead man walking’ ever since an oil-rig explosion led to the worst-ever environmental disaster in the U.S.

The focus will not be on if he goes but when, and how much it costs. During his 28 years at BP, he has built up a gold-plated £10.8million pension pot which he can start taking at 60.

He is also entitled to a year’s salary, equal to just over £1million.

His departure follows a disastrous series of PR gaffes since 11 died in an explosion on April 20 in the Gulf of Mexico.

One of his most notorious was to admit: ‘I want my life back’, at a time when millions of barrels of oil were gushing into the ocean, wrecking the livelihoods of thousands of Americans.

A few weeks later, his decision to go sailing on his yacht in the Isle of Wight added to suspicions that Mr Hayward was not being suitably contrite. But the level of the fury from America has been extraordinary and relentless despite the fact that BP was not solely responsible for the disaster.

President Obama warned: ‘He wouldn’t be working for me after any of those statements.’

Yesterday a BP spokesman insisted that Mr Hayward, whose family have been the victims of crank phone calls, hate mail and death threats, remains the company’s chief executive.

But his departure is inevitable, and will be the second headline-grabbing exit of a BP chief executive in just three years. In 2007, his predecessor Lord Browne dramatically resigned after admitting lying on oath to a High Court judge. >>> Becky Barrow and Daniel Bates | Monday, July 26, 2010

Fat Cats Look Out! Europe Wants to Slim You Down!
Angela Merkel has called for a crackdown on the 'fat cat' abuses after Porsche chief pocketed €60m last year. Photo courtesy of The Telegraph
THE TELEGRAPH: A group of key EU finance ministers will today launch an assault on the rewards earned by bankers and top managers in a move that poses a potential threat to the City of London.

A confidential document prepared for the gathering in Brussels finds the "short-term" pay structure of modern capitalism has become deformed, causing firms to take on "excessive risk" without regard to the interests of stakeholders or society.

While there is no concrete legislation on the table, ministers are eyeing curbs on stock options, bonuses and golden parachutes.

The move is a clear sign that the EU noose is tightening on bankers, funds and corporate elites that have enjoyed light-touch regulation.

Today's meeting is being held under the auspices of the Eurogroup, the quasi-official club of eurozone finance ministers. The forum excludes Britain and free market allies from Eastern Europe.

Shutting out Chancellor Alistair Darling enables Berlin and Paris to create a head of steam behind possible legislation that could undermine London's competitiveness as the world's leading financial centre.

The text for the meeting - leaked to Spanish newspaper El Pais - indicts the Anglo-Saxon market model as a danger to global financial stability and castigates firms for chasing "immediate profits at the cost of massive sackings".

The loose plans are part of a slew of proposals floated in Europe over recent months aimed at disciplining the market. Ideas have included a pan-European regulator, curbs on private equity and restraints on sovereign wealth funds. None has yet crystalised into a draft EU directive.

EU governments are paying close attention to a law going to the Dutch parliament this month. It imposes a 30pc supertax on pay packages above €500,000 (£398,000) and limits bonuses and stock options to 100pc of pay - far below the windfalls made by UK-based traders and bankers at the height of the credit bubble. EU to Launch Assault on Bankers' Bonuses >>> By Ambrose Evans-Pritchard, International Business Editor | May 13, 2008

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)