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Northern Rock valuer to receive £4.5 million!

As the government reveals the appointment of an independent valuation expert to arrive at a 'price' for Northern Rock it has been revealed that Andrew Caldwell, the man in question, will be paid a one off fee of £4.5 million no matter how long it takes him to arrive at the figure.

This is all part of the ongoing dispute between shareholders of Northern Rock and the government with some of the large institutional shareholders of the bank looking for substantial compensation. While Mr Caldwell will be paid the money in his own right he will still remain a full time employee of BDO Stoy Hayward which begs the question how he can be paid so much for what looks like a part time project?

The government has courted controversy since day one with the Northern Rock debacle, taking weeks to decide that to do, appointing a £90,000 a month executive chairman and then using more and more tax payer's money to bail out the operation. If ever there was an example of the difference between a publically owned company and a government owned company then this is it.

How can they justify spending so much money with more and more of the UK population sinking deeper and deeper into financial trouble?

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