Zara Phillips, Andy Murray and a glittering array of other sports stars hired by Royal Bank of Scotland to be its "global ambassadors" should volunteer to scrap their contracts, a member of the treasury select committee argued last night.
The horse riding granddaughter of the Queen and the top-ranking tennis player should effectively hand back the money because the bank is now largely owned by the taxpayer and is heading for a £28bn annual loss, argued John Mann MP.
The outspoken committee member said the former managers of RBS, which received a £20bn state bailout, went on a "reckless" spending spree when it paid out what is believed to have been a total of £200m worth of sponsorship fees to people like Murray, former golf star Jack Nicklaus and racing driver Sir Jackie Stewart.
"I think it would go down very well with the British public if some of them were to cancel their contracts. Some of them would become real heroes if they did," he told Reuters, adding: "I think they need to consider that this is borrowers' money we are talking about."
Continued>>>
http://www.guardian.co.uk/business/2009/feb/16/rbs-celebrity-contractsReally. Why are insolvent banks wasting money on advertising?
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