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As the recession bites, it has become the rigueur of some elements in the media to attack wealth creators; denouncing high salaries, deriding incentive schemes and to generally feed a mob mentality about financial injustice. Some of the commentary is justified, senior bankers, fly by night property developers and financial sharks overplayed the markets and were not only greedy but corrupt.

Once the steam had run out of attacking the business class, attention turned quickly to the political class. Again a ‘one- size’ fits all media frenzy applied to all politicians, whether good or bad. Once again, some of the commentary and denunciation was justified. The political establishment had its fair share of chancers and charlatans who were motivated by principles and standards much less than their calling demanded. Journalists sensed a public appetite for trial by column inches and knew that their audience was as unsympathetic as the ‘tricoteuses’ who used to sit at the foot of the guillotine during the reign of the French Terror.

Attempts to turn the tables within the media family such as the Guardian’s outing of the News of the World’s phone tapping tactics was short-lived as the hunger within media circles is somewhat blunted by the 24/7 journalistic need to provide a scoop by any means.

The circle of financial targets widened again as journalists used the freedom of information act to garner details about businesspeople, leaders in the public sector or people serving on quanqos.  Most recently there has been criticism of the salary package for the incoming Chief Constable of the PSNI; a job that few would envy. Indeed as a former member of the Policing Board given the erratic, irresponsible and sometimes naked ambition of publicity seeking political Board members, I would not subject myself to the fascicle and child-like public scrutiny of a Chief Constable for twice the salary.

Last week newspapers turned their attention to the Vice Chancellors of Queen’s University and the University of Ulster. Their salaries exceed £200k and both have considerable perks which go with the job. Naturally, some trade unions and the usual posse of one eyed politicians took the bait provided by the media and were hugely critical of the salary packages. Of course, Queens Vice Chancellor, Mr Gregson did not help his own image by having the University pick up the tab for his membership of a Private Members club in London.

Nevertheless, trite and irrelevant comparisons were made with the lesser salaries of the First and Deputy First Ministers and indeed, the Prime Minister and to what point? Are we to live in a world where there is a flat wage for everyone immaterial of the job or skills required? Potentially anyone can be a politician and any politician can be a Minister. The qualifications and competence for the job often depends on nothing more than personal popularity, political toadying or sheer perseverance. On the odd occasion some have the skills for the actual jobs they are carrying out. Mostly, they don’t. Imagine if we ran businesses, schools and the health service on the basis of patronage not competence or performance. Would you let Willie McCrea operate on you?

In our justifiable anger, we may lose all reason and perspective through a form financial penis envy. If an organisation is performing well, there is nothing wrong with incentivising those leading the organisation. There is nothing to suggest that Queens or Ulster are non performing institutions, in fact their reputations and rankings would suggest the opposite. The PSNI is a highly regarded institution amongst its peers and internationally. Can the same be said of the management of the country or economy?

As jobs haemorrhage we will need more leadership not less. We will need more wealth creators, not fewer. Soon we will need people who are less risk averse not more. In a reply to post war speech given by a member of the Atlee Government, Churchill said; ‘the substance of the eminent socialist gentleman’s speech is that making a profit is a sin. It is my belief that the real sin is making a loss’.

The reality of the past 20 months in economic terms is that bankers masked the losses being made. Profits as they were declared were in fact as illusory as Shangri –la.

Recent revelations in the financial world have given us an opportunity as a society to become more grounded and less greedy but penalising or disincentivising, our brightest and best will ill equip us for economic recovery.