Breaking news on BBC - Fred Goodwin refuses reduced pension

bo_drinker

Spit in his face when you see him, fkn scum ,

Graham_Devon

Walletwatch wrote: »

Jeff Randall at 7:30 on Sky News will be talking to the current RBS boss and I am sure the contractual details of the pension will come up.

One interesting point that Sky News made on this is the possibility that the Govt specifically engineered this leak to cover up on the 325 billion insurance that they are going to extend for RBS toxic assets

True. It was mentioned also that we are doing bailout 2 now and taking the share up to 90% of the bank, and this is on the back of shares which hold no vote, and whats more, the paperwork is extremely vague apparently on what this actually means.

So I suppose that does somewhat detract from the above. Bailout 1 failed, so point the media at the failed head of RBS and sneak the governments failiure to properly set conditions in bailout 1.

Something is going to erupt pretty badly soon in terms of riots, surely? This is all a game of chess, and were all the pawns.

But surely Sir Fred should be stripped of his knighthood?

Rick62

My understanding is that the old Board of RBS, with the approval of the Treasury, offered him early retirement (in about October 2008) enabling him to claim a full (or even enhanced) pension straight away, where-as had they dismissed him for cause (i.e. you've lost the bank £25 billion and made it bankrupt, your sacked) then he would not be receiving his pension until normal retirement age.

JP45

I am not the least bit surprised that Sir Fred has refused to forfeit some of his pension.

From the accounts I have read in the Press about Sir Fred and his behaviour whilst at the helm of RBS, I wouldn't be at all surprised if he actually feels very little blame or responsibility for the losses, despite his well-rehearsed apology in front of the Treasury Select Committee.

Unfortunately, after listening to a QC on BBC Radio 4, it seems there is very little the Government can now do to remove or reduce his pension. In short, the QC seemed to be saying that unless one could prove that Sir Fred had acted illegally, then the pension will stand and the Trustees would themselves be in breach of the law if they were to withold it.

Degenerate

JP45 wrote: »

Unfortunately, after listening to a QC on BBC Radio 4, it seems there is very little the Government can now do to remove or reduce his pension. In short, the QC seemed to be saying that unless one could prove that Sir Fred had acted illegally, then the pension will stand and the Trustees would themselves be in breach of the law if they were to withold it.

They make the law. They can create a Fred Goodwin 100% windfall tax if they want.

Graham_Devon

http://news.bbc.co.uk/1/hi/uk_politics/7912651.stm

Ex-Royal Bank of Scotland boss Sir Fred Goodwin has rejected calls to give up his £650,000-a-year pension.
Chancellor Alistair Darling had asked him to hand back his £16m pension pot amid anger about rewards for failure.
But Sir Fred rejected that request in a letter to the Treasury in which he also says ministers agreed to the deal.

GeorgeHowell

The government should, as majority shareholder, instruct RBS to unilaterally reduce the pension very substantially and let Goodwin take RBS to court if he dares.

Having to argue his case in court would effectively be a public humiliation and show him up as a totally unprincipled, morally reprehensible, greedy wide-boy.

I would be willing to see taxpayers money support the legal fees to see this happen, rather than just acquiesce to this despicable parasite.

devils_vixen

The man is a !!!!!! and every note of his pension should be shredded............. with him watching!:rotfl:

Dylanwing

True. It was mentioned also that we are doing bailout 2 now and taking the share up to 90% of the bank, and this is on the back of shares which hold no vote, and whats more, the paperwork is extremely vague apparently on what this actually means.

So does this mean that we have effectively given RBS an unsecured, no questions asked loan, with no controls whatsoever - Just relying on the honesty of Bankers? Would any Government really be that stupid??

baby_boomer

It's difficult to break contracts. And I'm not sure that anyone with an expectation of a state pension or public sector pension should be cheering on Gordon's Nero to unleash the lions on Fred as they may well be the next target of a rewritten contract.

But shareholders of all companies should take note and start to hold directors accountable for these silly "no lose" contracts they write themselves.

Goodwin was on a hiding to nothing.

If he'd offered to give up half his pension he'd be accused of being a greedy barstweward.

Better for him to let Gordon "huff and puff" and fail to blow his house down. It could be worth some of the lost taxpayer's money to see the PM have to retreat with his tail between his legs. [No-one can surely believe that he only knew yesterday about the size of Goodwin's pension, can they?]