The underrated George Osborne

mr_anderson

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I was never one to rate George Osborne particularly highly, believing his time at the treasury was nothing beyond mediocre.
My assessment, however, appears to be incorrect.
I wish to apologise to Mr Osborne who, in hindsight, is quite obviously a genius.


Former U.K. Chancellor of the Exchequer George Osborne expects to earn 650,000 pounds ($791,000) from 48 days of work for BlackRock Inc., according to parliamentary filings.


The Conservative politician, still a backbench lawmaker, expects to earn 162,500 pounds each quarter for 12 days’ work as an economic adviser at the BlackRock Investment Institute in London, according to the Register of Members’ Financial Interests, which details the outside earnings of U.K. legislators. That’s more than 13,500 pounds a day -- or about the average annual wage for two days of work.
...
His latest declaration also includes a 120,212-pound stipend to cover costs of travel, accommodation and research for his post as a fellow at the McCain Institute in Washington. He also reported 66,163 pounds of earnings for speeches at Lloyds Bank International Ltd. and the Flanders Chamber of Commerce and Industry in Antwerp, Belgium.


In previous declarations since moving to the backbenches in Parliament, Osborne detailed another 720,000 pounds earnings from speeches.

https://www.bloomberg.com/news/articles/2017-03-08/u-k-s-osborne-to-reap-790-000-from-48-days-work-for-blackrock


Of course the begrudgers will point out some small, irrelevant facts.

One of Osborne’s proudest achievements was to open up pension schemes. “We will legislate to remove all remaining tax restrictions on how pensioners have access to their pension pots,” he said in his 2014 budget speech. This left his new employer drooling: “BlackRock is uniquely positioned [to take advantage] because of our multi-asset strategies and our product development specifically tailored to the retirement area” (see Eye 1365).


When BlackRock then employed Osborne’s chief economic adviser Rupert Harrison – said to be the brains behind the reform – it confirmed the importance of the changes. “Given his experience shaping the recent pensions reforms in the UK,” it said, “he is uniquely placed to help develop our retirement proposition.”
Private Eye News: Osborne’s picnic at BlackRock




An assessment of George that makes some unflattering comparisons to a particular Irish set up.
George Osborne is the most over-rated politician in Britain | Coffee House


How do Irish politicians fare in comparison ?
Are there many examples of politicians jumping ship into a (very) deep piggy bank or are they content with their multiple pensions ?

Or is the whole thing successfully hushed up ?
 
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storybud1

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I always said most politicians are average intelligence pension chasing gougers but George has now set the gold standard for rigging a post political career out of pension advising after the fact,,, of being chancellor,

He still has a way to go to catch up on Blair who set the bar really high for other Brits to follow, what is Blair now worth, 40 ? 50 mill ? and for what exactly ? yep,, greasing the wheels and using all privileges to enrich his pathetic little lying ass.
 

Roberto Jordan

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I was never one to rate George Osborne particularly highly, believing his time at the treasury was nothing beyond mediocre.
My assessment, however, appears to be incorrect.
I wish to apologise to Mr Osborne who, in hindsight, is quite obviously a genius.





https://www.bloomberg.com/news/articles/2017-03-08/u-k-s-osborne-to-reap-790-000-from-48-days-work-for-blackrock


Of course the begrudgers will point out some small, irrelevant facts.


Private Eye News: Osborne’s picnic at BlackRock




An assessment of George that makes some unflattering comparisons to a particular Irish set up.
George Osborne is the most over-rated politician in Britain | Coffee House


How do Irish politicians fare in comparison ?
Are there many examples of politicians jumping ship into a (very) deep piggy bank or are they content with their multiple pensions ?

Or is the whole thing successfully hushed up ?
politicians leveraging access, insider knowledge & understanding and their former title for personal and third party gain is distasteful albeit difficult to envisage how to prevent it legally in most jurisdictions. In major economies , given the potential gains, the foreholding of pensions/ severance would not be a big enough stick.....and I am uncertain if actual prohibition would be constitutional or in the interest of the electorate ( though I am kind of leaning towards POV that the latter is a straw man)

My other point however is that I have seen UK outlets making a big deal about the apparently huge sums involved. Sadly the numbers are, for what is effectively a consulting non executive C-Suite roll not particularly eye watering. If this were translated to a full time deal it would yield less than $4MM per annum which , again sadly in terms of inequality - particularly for NY'ers , Frankfurters and Londoners, is not a very notable wedge in such a position, company and high profile appointment....

So I would suggest that the principle rather than the amount is the Gideon Oliver Osbourne specific issue.

Finance industry income is a whole other cannoli....
 

Lumpy Talbot

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No
George has done well for a fellow whose only work experience outside of university and political appointments was one summer stacking towels at Selfridges.

Remarkable when you think he was subsequently Chancellor of the Exchequer.
 

Roberto Jordan

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George has done well for a fellow whose only work experience outside of university and political appointments was one summer stacking towels at Selfridges.

Remarkable when you think he was subsequently Chancellor of the Exchequer.
TBF my hunch is that thats a damned site more than several of his forebearers whose job consisted of looking out over their demesne in Tipperary....
 

Mad as Fish

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His successor fancies himself as a stand up comedian, at least he is being honest about the nature of the job.
 

Lumpy Talbot

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No
TBF my hunch is that thats a damned site more than several of his forebearers whose job consisted of looking out over their demesne in Tipperary....
Yes, he sweated through the airconditioned mines of Selfridges for a whole summer in the search for an unfolded towel. The truth is about politicians is that their only skill is getting up on their hind legs before an audience and yapping in a studied and particular style. That is why you got so many teachers in the Oireachtas.

It wasn't much different in skill sets to the day job and much better paid and expensed. And there was always the curriculum in both roles to lean on.
 

Mad as Fish

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George has done well for a fellow whose only work experience outside of university and political appointments was one summer stacking towels at Selfridges.

Remarkable when you think he was subsequently Chancellor of the Exchequer.
Credit where it's due I once read that he was very good at it.
 

Lumpy Talbot

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No
Credit where it's due I once read that he was very good at it.
Oh I wouldn't doubt that his stint as a common working man stood to him. He'd have had some exposure to towels at the Bullingdon Club no doubt as well so it was an apprenticeship and then a summer before the mast. Citizen! George knows the travails of the wage-slave life.

Put your trust in George. Just as Cameron put his thrust in a pig. There's no end to the sacrifice.
 

gerhard dengler

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Ex-chancellors of the Exchequer do well in civilian life. Companies are prepared to pay a kings ransom to them where necesseary.

John Major got some very lucrative gigs.
Gordon Brown too.
 

Erudite Caveman

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George has done well for a fellow whose only work experience outside of university and political appointments was one summer stacking towels at Selfridges.

Remarkable when you think he was subsequently Chancellor of the Exchequer.
Yeah, I mean, experience in politics and government administration is all very well, but what relevance does it have it if you get a job in government?
 

LadyLou

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I don't know what yis are all so jealous. Surely you are earning something

similar?
 


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