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Sir Fred’s finger

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Sir Fred Goodwin

Goodwin in stark message to UK public

Sir Fred Goodwin the architect of the biggest failure and loss in the history of British commerce at RBS is to keep his gold plated pension pot of  over £17m which will pay him £693,000 per year for life. Sir Fred is only 50 and said this about suggestions that he should surrender part of his pension in a letter to Lord Myners:

“I am told that the topic of my pension was specifically raised with you and you indicated that you were aware of my entitlement and that no further ‘gestures’ would be required”.

That’s thirty two words to make one significant gesture to the rest of us! His annual pension amounts to more than most of us would hope to earn in a lifetime of sweat and endeavour.

I want to scream with rage, as a tax payer it’s my money that is now being thrown away in fruitless efforts to prop up an economy that is on it’s knees partially as a result of Freddy Goodwin’s failure to run RBS at a profit. I really want to hurl a stream of steaming invective and abusive Anglo Saxon filth bile and animosity, interlaced with poisonous barbed words of four lettered length both prurient and obnoxious in the extreme, not at Sir Fred but at the golden nuggets who approved and authorised the package put together as the price of his failure. They failed on a grander scale!

After all it’s my money they are playing with when they “nationalised” the bank, they knew very much beforehand what the state of it’s balances were and what arrangements had been agreed to get rid of Goodwin, and now they feign anger and threaten legal action.


George Osborne, the Shadow Chancellor, was even more scathing, He told GMTV that the Government’s anger at the former bank chief’s pension was “synthetic” because they knew about the package.

Mr Osborne said: “The problem for the Government, and for Lord Myners who’s a Government minister, is that they knew all along about this pension so all this synthetic anger now is just long after the horse has bolted.

“It seems to me they’re on the hook either way. They knew and they didn’t stop it and that’s what Fred Goodwin’s saying.”

Mr Osborne went on: “Gordon Brown and Alistair Darling are supposed to be looking after taxpayers’ money, they’re supposed to be looking after the interests of the British people and they were asleep on the job.”

It’s not just Tories complaining either, the attacls are coming from all sides:

Paul Kenny, general secretary of the GMB union, said that Lord Myners should resign if he either knew about Sir Fred’s pension arrangements or “even worse” did not check how much he was going to be paid. “The Government needs to take active steps to recover the bonuses paid to these bankers under false pretences.”

No, I can only direct a little of my anger at Sir Fred Goodwin, I cannot really blame him for accepting the best package he could get (I could join the public appeal to hand some back) alas my seething rage must be aimed at those who were on the former board of RBS, and those in this Labour government who gave their tacit approval and now claim to know little about it.

Incompetents and idiots of the highest magnitude

The Devil has a rather good post on the subject of contracts and laws apertaining to Sir Fred’s employment, it rather rattle Iain Dale too.

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Written by curly

February 27, 2009 at 12:30 pm

2 Responses

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  1. You are absolutely right. Everyone is getting involved in this one.

    What I don’t understand is Gordon Brown is actually seeking legal advice on this matter, and others, including a pay off that has been given to the likes of Andy Hornby (Halifax bank).Our Gordon is supposed to be the man in charge he should make these fat cats return the money, or at least a majority of it.

    I just wish I’d have been a banker after I left school!


    February 27, 2009 at 8:48 pm

  2. “Freddy Goodwin’s failure to run RBS at a profit”.
    It boils down to a bit more than that, surely.
    I agree with Vince Cable (and some of what you say) – Brown’s using this as a smokescreen and they should’ve dealt with this at the time.
    However, let’s not lose sight of the magnitude of Goodwin’s failure. This (the greed, lack of regulation and bonuses) must never be allowed to happen again.


    February 28, 2009 at 8:45 am

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