http://www.nytimes.com/2009/03/26/business/worldbusiness/26anger.html?_r=1&hp
*Hurt by Economy, Europeans Vent Their Anger Jacques Brinon/Associated Press* Just ask *Fred Goodwin, the former chief executive of the ailing Royal Bank of Scotland*, whose house and car were vandalized early Wednesday. Or Luc Rousselet, the manager of a 3M factory in France, who was barricaded in an office for a second day by workers demanding better severance packages for 110 employees who are being laid off. While such instances are scattered so far, the angry mood threatens to overshadow the Group of 20 summit meeting next week in London, where world leaders hope to find approaches to the financial crisis. Several protests are planned in Londons financial district, and the police are warning financial institutions to bolster security, cancel unnecessary meetings and keep employees inside. Bankers are being advised to wear casual clothing so they do not attract attention. A recession has all sorts of knock-on effects, said Christopher Husbands, a professor of sociology at the London School of Economics. Crimes go up, relationships break down and there are instances of civil disturbance. A nationwide strike in France last week, which drew at least 1.2 million people, was peaceful. But the government remains worried about an outbreak of violence similar to that last month in Guadeloupe, a French overseas territory, and in Greece in December. The sense of frustration among those who lost their jobs or savings or a large part of their pension funds is fueled by reports of executives continuing to reap large rewards, as demonstrated by the outrage in the United States over bonuses paid at the American International Group. Europeans have long pointed out that pay packages of top executives in the United States are simply out of whack with the rest of the world, but their hopes of avoiding a public outcry were doused by the latest reports of inflamed local passions. In Scotland, vandals smashed at least three windows on the ground floor of Mr. Goodwins house in an affluent suburb of Edinburgh and damaged a black Mercedes S600 parked in the driveway. Mr. Goodwin was not in the house at the time and no one was hurt, but the incident alarmed Britains business community. A spokesman for Prime Minister Gordon Brown, who is in the United States, said there could be no excuse for people breaking the law. Mr. Goodwin attracted criticism for keeping his pension, worth £703,000 a year, or $1.03 million, despite a string of ill-timed acquisitions on his watch that led to the banks being brought under government control. He rejected calls to surrender the payment, and the government is considering legal options. It was the first such attack on a property owned by a banking executive since the financial crisis started, but some neighbors told local newspapers they were surprised it did not happen earlier. The author of an e-mail message sent anonymously to a local newspaper on Wednesday claimed responsibility for the damage and said: We are angry that rich people, like him, are paying themselves a huge amount of money and living in luxury while ordinary people are made unemployed, destitute and homeless. Though Mr. Goodwin resigned in October, the bank continues to pay £290 a month for security at his house. Because of the banks losses, Mr. Goodwin, once hailed as a skilled deal maker who turned a small bank into a global financial services operation, became the target of public scorn and a symbol of the decline of Britains banks. People are looking for someone to blame as they feel the crisis on a day-to-day basis and experience feelings of injustice and anger as they ask themselves, What have I done to contribute to this? said Sheri Jacobson, a psychotherapist who is clinical director of Harley Therapy in London. For those who are the target of the scorn its extremely difficult, because for a long time they were the champions and they worked hard, and they also look at the situation, saying, My intentions were good. Some executives have already decided to forgo their bonuses, but companies continue to hand out hefty payoffs for executives of failed companies, setting off public outcries. In contrast to politicians in the United States, those in Europe have stopped short of proposing taxes to claw back large executive bonuses, but even the leader of the employers federation in France denounced the severance package proposed for the chief executive of Valeo, an auto parts maker. In a speech this week, President Nicolas Sarkozy of France called on everyone to return to their values. He criticized both the irresponsible business sector as well as those who chose intimidation and threaten the security of property and people. He got another whiff of the public mood Wednesday, when employees from a French plant owned by the German tire maker Continental marched through Paris and burned tires near Élysée Palace to protest the planned closing of a factory in the Oise region with 1,120 employees. Striking workers at a French plant of 3M went even further, taking their boss hostage Tuesday. Such actions are rare but not unheard of in France; earlier this month, a similar situation at a Sony factory ended peacefully after one night. A few dozen workers at the 3M plant in Pithiviers took turns standing guard Wednesday outside factory offices, The Associated Press reported. The workers did not threaten any violence and the atmosphere was calm. Workers said they would bring Mr. Rousselet mussels and French fries for dinner, The A.P. said. We recognize that there are social worries given the current situation, Christine Lagarde, the French economy minister, told a small group of journalists. But France has strong assets to deal with it, particularly our social safety nets. Mark Malloch Brown, a British Foreign Office minister, told the BBC this month that he expected protesters to win more sympathy from the general public than usual. You know, frankly, theres enough anger out there amongst all of us who are watching whats happening on bankers salaries and bonuses, he said. Hard-liners are going to have a sympathy they havent had for quite a while. [Non-text portions of this message have been removed] ------------------------------------ *************************************************************************** Berdikusi dg Santun & Elegan, dg Semangat Persahabatan. 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