Sir: Peter Mitchell's letter (2 June) in support of the "Camelot fat cats" misses the point. If these directors managed a large multinational such as ICI, or any business operating in a free market, then, yes, they would be entitled to receive reward for their endeavours. However, since there has been no national lottery that has not made money that I am aware of, and competition is minimal, I would suggest that if they were not able to make a sizeable profit then they should give up.
This argument also holds for the directors of the monopolistic water and power companies. They are paid vast salaries for a job they would have been paid significantly less for in pre-privatisation days. What has changed in the business that justifies their pay hike?
Let's hope New Labour can encourage a little more meritocracy, to the benefit of the consumer, instead of this corporate greed.