'Unlimited luxuries'

The banking industry has recently passed through the most difficult time of the global banking history. The world renowned analysts are of the opinion that banks will take time to recover from the kind of losses they have passed through.
The countries, leaders of the capitalistic system had no choice but to opt for their institution's rescue and that too taking over the chunk of their stock of capital, thus reverting to socialism/nationalisation to an extant. The banks in Pakistan are trying to withstand the turmoil and taking measures to be more prudent now and in future. Lay-offs of human resource, austerity, cost cutting and blocking the new hiring are few of those measures. How effective result these measures are going to create on the bottom lines of the bank's balance sheet, shall have to be seen in due coarse of time.
But some painful decisions are witnessed which apparently seems to be justified but, may not impact a lot on the balance sheets of the bank. But, of coarse most families who are the victim of such lay-offs or cut off in their salaries are seen battered and miserably crossing the doors with their CVs to find some place to get the livelihood for their families and fee for their school going children, but in vain.
On the contrary I, for a fact can be the witness that the top four-five tiers of hierarchy are enjoying facilities unimaginable and unjustified even in the present circumstances. The vehicles at the disposal of these executives placed in multiple numbers for each of them ranges from Land Cruiser, Mercedes, Cameries, Laxus, BMWs, Honda Accords and name any that will be found in their use with drivers, guards for themselves and even for the family cars with unlimited petrol ceilings.
The series of perks they are enjoying other than their hefty salaries are no less than double the amount, if total cost of the executive to the institution is calculated. The readers will recall that until a few years back Honda Civic or Toyota Corolla, S.E. Saloon used to be the top of the line vehicles used by all top executives in public or private organisations. But with the liberalisation of import, the valuable foreign exchange of country is spent on these unlimited and unproductive luxuries.
Another hefty package running in multiples of million of rupees is disbursed under the head of performance bonuses to the selected group of employees. Such performance may or may not be questionable but of coarse this large amount is totally the portion of saving for these executives at the cost of large number of employees fighting for their survival or let their both ends meet under the growing monster of inflation, particularly in food items, medicines and health care.
Having experienced almost close to five decades in banking/financial sector, I have witnessed that austerity is always exercised in all institutions in such crises but, the axe should not start falling on the head of the lower staff but, the tiers of top hierarchy should demonstrate the precedences by surrendering their perks and halving their salaries, restrict their travel by economy, their stay in five, four and three star hotels as per the upper hierarchy ladders and cap many more such expenditures, which any way would not bring any difference in their life style but, of coarse effect their savings only.
Barack Obama's remarks "Shame" on disbursement of billions of dollars in bonus of failed banks executives out of the salvage package granted by the congress last months, may apply even here. Obama also proposed the cuts in the tax of the middle and lower class, for they will spend this money for their necessities, in the market like repair of car purchase of school uniform fixing their garage door etc, thus create jobs for others to service. While the tax cuts for the of higher ups will simply reduce their saving for the time being.
While I was trying to close my observations, the news of 17th February 2009, declaration of the profit of the few banks in the region of Rs 21.00 billion and Rs 28 billion pleasantly surprises me and generates the question, does this austerity of "laying-offs" reduction of salary at middle or lower middle level, warrants the justification of the top management to create despairs in the middle class society for no fault or folly on their part? But the decision makers' lust for their agenda and spoil the attitudes of middle or lower middle class also having offered them higher salaries in the beginning, changed their life style and then pull the carpet out of their feet one day. I wish we, the decision makers, could see far more than the personal agenda and create some balances to balance the imbalances.