Two Government departments are paying our wages this week. We spent some time talking with our finance trustees today about how the credit crunch might affect Cumberland Lodge, and when. The "when" is the problem - planning for an unknowable downturn is so difficult. Maybe our bookings will be (largely) unaffected. Or maybe not!
We make our money here by working hard. Nobody has made any bonuses in recent times, nor are we likely to. Like most ordinary mortals, our staff are incredulous that failed bankers are still making millions. However, are politicians, including Obama, risking their reputations too much by swearing that they will prevent bonuses being paid by RBS or AIG? If they rush through new laws to overcome the contract argument, they will be bad laws. Will Sir Fred Goodwin volunteer to forego his amazing pension? I don't think so. He is not likely to get another job, or one paid so well, ever again. Why would he put his morals before survival? There is a good leader in the Economist today, "East does it". Have a look online.
There must be a conference for us in this.....
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