Breaking news on BBC - Fred Goodwin refuses reduced pension

StevieJ

Masomnia wrote: »

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

Couldn't agree more, this government is pathetic.

Masomnia

Rochdale_Pioneers wrote: »

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?

As I understand it, she acted illegally, so a fine is fair enough. I'm not sure he did. His actions turned out to be completely idiotic, but I don't think that's reason to effectively steal his pension. He didn't cause these problems alone, there were other directors to blame, traders, risk managers, staff all over the place. Do we confiscate all their pensions too? Where do we draw the line? Otherwise we're just making a scapegoat out of one man, and I don't think that's right.

Morally he should hand the money back. But that's up to his conscience, not us.

Masomnia

mustrum_ridcully wrote: »

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...

I don't think the government should be able to confiscate pensions just to win votes by getting revenge.

treliac

thriftybabe wrote: »

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!

He'll be well away from it all and out of reach. Probably sunning himself somewhere hot. :mad:

tuggy12

Degenerate wrote: »

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.

So if Gordon and Alistair were to decide to let RBS go bust, then the pension fund would also be bust and Fred would find himself with a capped pension of about £28,000 pa paid for by the Pension Protection Fund?

Kez100

Yes it does give a difficult precedent. What if a police officer was accused of something in his final year of service? Could he lose his pension too?

I am annoyed at the sheer incompetency of everything. I know they were under huge pressure that weekend but they should have either employed lawyers to do it or t arrange an agreement whereby a decision could be delayed.

Degenerate

tuggy12 wrote: »

So if Gordon and Alistair were to decide to let RBS go bust, then the pension fund would also be bust and Fred would find himself with a capped pension of about £28,000 pa paid for by the Pension Protection Fund?

Yep, funny you should mention that:

http://www.ft.com/cms/s/0/d87c8f2e-0427-11de-845b-000077b07658.html

treliac

Masomnia wrote: »

He didn't cause these problems alone, there were other directors to blame, traders, risk managers, staff all over the place. Do we confiscate all their pensions too? Where do we draw the line? Otherwise we're just making a scapegoat out of one man, and I don't think that's right.

He was the captain of the ship. He got paid for that responsibility and should take responsibility for its failure. It's what happens (or should be) when you accept the post and the salary that goes with it.

That's just tough. It was his choice. He should now do the decent thing. But not much chance of that. Decency is out of fashion. And if a staggeringly inept government cannot force his hand, the door is left open for all the others on the bandwagon.

Graham_Devon

thriftybabe wrote: »

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!

I believe RBS is paying for his security.

Graham_Devon

Masomnia wrote: »

I don't think the government should be able to confiscate pensions just to win votes by getting revenge.

No.

But this is not any ordinary pension. This was gestures to get him out.

It's also not about winning votes, or getting revenge. It is about OUR money, and rewarding failire on massive scale, with taxpayers money.

Of COURSE Alistair Darling is going to say "please give it back Mr Sir", as he has been caught out yet again. This was probably supposed to be a quiet exit to make the government look as if they were doing something with "our voice" they keep telling us we have as we own the majority of the shares.

Edit: This man is also 50. This is no ordinary pension entitlement that he has built up.