Right, said Fred. I'm not too sexy for my Pension
27th Feb 2009 09:54:35
In an update to the whole Fred Goodwin's pension thing, I'm just going to quickly summarise what's going on.
- Fred Goodwin, CEO of RBS has got a £693,000 a year pension.
- This is a massive two-fingers up at the taxpayer, who had to bail out his bank.
- So the Government, who organised the deal which gave him his pension, say that giving him his pension is wrong.
- Fred says that the Government knew about his pension for months.
- Lord Myers (the City Minister) denies this.
- The Treasury says that RBS's board of directors "gave the impression" that Goodwin's deal was legally binding. Just to remind you here, the Treasury is accusing the board of lying to the Government. Just wanted to make that clear.
- Just going to remind you. Lying for financial gain is pretty much fraud.
So, Goodwin refuses to give his pension back, and the Treasury admitted that they didn't bother checking things over with their own lawyers, and showed their continuing massive incompetence by just taking RBS's word for it. Goodwin seems to think that he's already done enough for the taxpayer. That a massive loss which may even range into the hundreds of billions, the bill footed in part at least by the taxpayer, should merit reward.
Even worse, it appears like the Government may have OK'd the deal themselves. Can we imagine that? Throwing millions of pounds of public money down the toilet, due to their own inadequacies, stupidity and uselessness?
I considered padding it out with a few more paragraphs, but there isn't anything more to say, is there? I'm just waiting for next week when it turns out that the Government accidently signed a contract with Lloyds giving them half the gold in the Bank of England because their Lloyds' lawyers told them it was necessary.
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