Breaking news on BBC - Fred Goodwin refuses reduced pension

Pound

The whole way the recession is being dealt with by the government and the banks is just comedy. Now the tax payer is footing the bill for this fat cat's obscene pension.

I say the government should just withdraw all it's financial support to RBS and let it collapse.

Masomnia

Degenerate wrote: »

TBH I've no sympathy for the shareholders in these situations, they never seem to acknowlege that they are collectively responsible for appointing these clowns and allowing them to take ridiculous remuneration.

The key point to me is that it's self-evident from the scale of the required capital injections that RBS was insolvent. If it had been forced into bankruptcy then pension obligations would have been far back in the queue. Bankruptcy would have had disasterous consequences, so it is right that the Government stepped in, but there is no way this parasite should have been allowed to effectively loot a bankrupt firm via his pension.

I think I mostly agree with you, and it's why I don't think NR or B & B shareholders should get any compensation either.

Honestly though, I think this is a bit of a non-story. I don't know all the facts (do any of us?) but this guy built up his pension pot and is now drawing the pension he is legally entitled to. Yes he brought RBS down, yes he cost us billions, yes he's greedy, but this wasn't a bonus, he is entitled to the money. The government are only making a big deal out of this because they want to deflect attention away from them, and it seems to be working.

If we deny him his pension, who else do we deny? Should the government be able to pick and choose who gets one and who doesn't? I think that's a scary proposition.

Rochdale_Pioneers

Masomnia wrote: »

If we deny him his pension, who else do we deny? Should the government be able to pick and choose who gets one and who doesn't? I think that's a scary proposition.

Can't we treat him the same way we treat crooked councillors who cost the taxpayer? Shirley Porter did a runner to avoid paying the fines slapped on her for the Westminster Council fiasco. Why not fine Fred to the value of his pension?

mustrum_ridcully

Masomnia wrote: »

Surely the government confiscating pensions to satisfy the mob baying for the blood of a scapegoat sets a dangerous precedent?

Because of his greed he could potentially screw everything up for everyone else as well. Bit like the annoying kid at school who'd do something bad in class but not own up and everyone gets a detention - but at least justice would be ahem served after detention ahem...

overlander

This could end up the best money we have spent. No doubt about it the trail will lead back to the two clowns Darling/Brown. They are up to their necks in this its hopefully not to long before they are caught out. If these two clowns are left in power for another year then this country will be destroyed, hopefully this will bring them down. Its the least likely things which could bring down these clowns.

drc

How many RBS staff could his pension keep employed ?

Degenerate

Masomnia wrote: »

If we deny him his pension, who else do we deny? Should the government be able to pick and choose who gets one and who doesn't? I think that's a scary proposition.

I think you've missed the significance of Aliaster Darling's admissions earlier today - this was not a normal pension obligation. The terms were changed very favourably as part of his leaving deal to allow him to take it extraordinarily early. The senior level of government apparently overlooked it.

I also just read somewhere else that the RBS scheme is billions of pounds in deficit. So while Fred is getting his obscenely huge pay-off, others may find that they don't when they come to retire - unless the government props it up.

MrFonzerelli

Masomnia wrote: »

I think I mostly agree with you, and it's why I don't think NR or B & B shareholders should get any compensation either.

Honestly though, I think this is a bit of a non-story. I don't know all the facts (do any of us?) but this guy built up his pension pot and is now drawing the pension he is legally entitled to. Yes he brought RBS down, yes he cost us billions, yes he's greedy, but this wasn't a bonus, he is entitled to the money. The government are only making a big deal out of this because they want to deflect attention away from them, and it seems to be working.

If we deny him his pension, who else do we deny? Should the government be able to pick and choose who gets one and who doesn't? I think that's a scary proposition.

Standing in the way of an angry mob isn't normally a good idea.

How about a cross party committee to look into the financial irregularities of the bank and the rationale behind nationalising it..

thriftybabe

There will be a lot of disgruntled people after him especially ex RBS workers! I think he will need all of his pension for his own protection!

Kez100

I'm starting to get angry now. It's not just this it's the incompetence and sheer greed throughout. From government Fsa bankers allocators of titles. The worryng thing is - I am a very calm person in the normal course of things. I am getting really angry because those paying for this are just normal people. It's not right.