RBS Fred Goodwin and 650k p.a pension at 50!

[mrmaggit]

How many years inside did Nick Leeson get for wrecking Barings?

Shouldn't that have set a precedent?

[Smiler.]

I think he should be stripped of his knighthood, then thrown in jail. What's the 21st century equivalent of Botany Bay - I know, Slough

Make him live in a council block & clean the bogs at McDonalds.

[briSk]

randlemarcus said:

esselte said:

randlemarcus said:

His position is that its the same arrangement as it was in 1998, when he joined RBS, he's given up a bunch of monies when he was asked to retire early,

As I heard it he lost about 1.5 million by going early but gained 8 mill on his pension...not a bad deal really...

And that 8 million was because he was asked to retire early, and that's the deal with RBS pensions, I understand. Was in 98, was in 2008.

all true. what i have always struggled with is why he was 'retired' rather than fired. if some lowly trader had kept screwing up they'd be out. corporate lawyer kept missing small print they'd be out...

i just deleted the last bit i was going to post in case of any corporate come back!

[loltolhurst]

Its wrong he gets such a pension given the failures and use of tax payers money but have to say

cant blame him for not giving it back I wouldnt
someone from gov should lose their job for agreeing to it
the bbc should be unbiased in reporting and stop giving their view - if they do then they should point out everyone who gets £650k a year or more at the bbc from our forced upon tax and comment on that.
it should not go to court as i bet that costs us more than 16 million...

[turbobloke]

loltolhurst said:

Its wrong he gets such a pension given the failures and use of tax payers money...

Maybe so, but the government agreed to it - according to reports today, and a written letter from Fred also published (possibly also today, maybe previously). He voluntarily waived his notice period and a significant share entitlement as an 'appropriate gesture' but was not asked to reduce the pension pot / payments, and his departure package was apparently signed off by Ministers. Blame our inept government for a lack of due diligence if blame must be laid somewhere. Not defending Fred just indicating what may well have happened.

[loltolhurst]

turbobloke said:

loltolhurst said:

Its wrong he gets such a pension given the failures and use of tax payers money...

Maybe so, but the government agreed to it - according to reports today, and a written letter from Fred also published (possibly also today, maybe previously). He voluntarily waived his notice period and a significant share entitlement as an 'appropriate gesture' but was not asked to reduce the pension pot / payments, and his departure package was apparently signed off by Ministers. Blame our inept government for a lack of due diligence if blame must be laid somewhere. Not defending Fred just indicating what may well have happened.

agreed which is why i said i dont blame him for not giving it back and its the person in gov who agreed to it that should be sacked and the bbc should stop whipping up mob rule.

[Sheriff JWPepper]

He doesn't deserve the pension, but I support him having it now as I'm fed up with the government spin on the matter.

Goodwin should fk em and take every penny.

[BAHN-STORMA]

Lurking Lawyer said:

And it's political posturing of the worst kind by Badger Darling to be making a public call for Goodwin to hand it back rather than doing so in private correspondence. Not that that should surprise anyone

[revrange]

I am glad he has refused as it exposes Brown and Darling for the fools they are.
They are rushing into to so many things they have no idea with what they are meddelling with.
The banks are running rings around them, and they are just throwing cash as them.

Madness the whole thing, and you just couldn't make it up. Bring on the election and get rid of this lot!

[loafer123]

I'd be very careful if I were GB / AD.

It is hard to believe that someone in Fred's position doesn't know where some interesting "bodies" are buried.

[scotal]

loafer123 said:

It is hard to believe that someone in Fred's position doesn't know where some interesting "bodies" are buried.

Which i assume is why he wasn't simply fired in the first place.

[scotal]

Los Angeles said:

You and others of similar opinion ignore the fact that Goodwin negotiated his pension when he knew the bank was going under ...

but had the ministers involved done their homework, they would have known that Goodwin was in no position to negotiate anything. They failed to do their homework, and having come to an agreement are trying to change it. Purely imho for the publicity value.

[turbobloke]

Los Angeles said:

turbobloke said:

Blame our inept government for a lack of due diligence if blame must be laid somewhere. Not defending Fred just indicating what may well have happened.

The government IS getting blamed, so let's not take the heat off a charlatan bank robber. You and others of similar opinion ignore the fact that Goodwin negotiated his pension when he knew the bank was going under ... it is that aspect of the fiasco that is his ethical and legal undoing, that and instigating a Rights Issue when he knew the bank was doomed.

There's more than Fred implicated in the bank's debacle. If the gov't and Fred negotiated and agreed, that's it. No excuses for lack of due diligence, but with this 'government' lacking the remotest iota of competence, it's not surprising. The heat deserves to be on the government far more than Fred, the bank operated under a Clown's Own quasi-regulation system after all.

Los Angeles said:

If you know your chocolate TVR engine will blow any day soon do you tell the enthusasitic buyer of your Tuscan to reduce his offer substantially? And when the buyer returns a month later aggrieved and threatening legal action to you tell him, tough luck, he signed the deal?

Due diligence would suggest not buying a new or used TVR, so the concept of selling one is an unknown

[scotal]

Los Angeles said:

scotal said:

but had the ministers involved done their homework, they would have known that Goodwin was in no position to negotiate anything.

It all depends on which cooked books you show them .... Mr. Capone.

Or how good your auditors are in uncovering those cooked books.... it seems the government's weren't very good at all.

[birdcage]

Fait accompli....I don't particularly like it but he shouldn't give/have it taken back

[turbobloke]

Los Angeles said:

turbobloke said:

There's more than Fred implicated in the bank's debacle.

I agree, but why let a charlatan off the hook?

He hasn't been - though as indicated earlier I'm not his spokesman so really you should direct such questions elsewhere, i.e. The Clown and Slugbrows. Fred wasn't let off the hook, it appears he agreed - as an 'appropriate gesture' - to waive his contractual entitlement to payment in lieu of a notice period, and to relinquish share options (possibly only of long-term concern).

Los Angeles said:

Remember, until the night before the crash he was quoted in the press as saying the RBS was rock solid ... investors had nothing to worry about.
Does that suggest an idiot in charge or a liar?

I haven't seen that quote but will take your word for it, even then the press have been known to create news, who knows.

I'm still more interested in bringing to account those ultimately responsible for a significant proportion of current woes, against manifesto pledges more than once, and lots more besides - namely Tiny BLiar and Incapability Brown. Standing for election as a viable 'government' was tantamount to fraud on a national and - by mandate - international scale, but how many fell for it? How many still defend it? Is that nu labia's fault or the fools that fell for it? Is Fred's pension his fault or the fools that negotiated his departure?

Fred's exit was negotiated and agreed, apparently. If so and it does seem so, there's nothing to add.

[elster]

For all those who suggest he should not receive it.

Do you agree anyone who has had a failed business not be allowed to receive a pension?

[s3fella]

There has been many many examples of "Fools rushing in" over this crisis, I dont think ANY of the mergers or takovers have been done with PROPER Due Dilligence, it is just not feasible that the buyers or investers could have done it in the time available. A quick look at the balance sheet, a quick chat with the managment team, agree the payoffs etc and its a DEAL.......

N ROck, BRS, Lloyds, B of A/ Merril, The Wachovia deal, all done over a weekend and all now giving rise to a few massive skeletons.

If RBS were too dim to disover ABN was a pile of poop, (like pretty much everyone in banking suspected) after alll their many many months of DD, what do these organisations expect when they buy a failing business over a weekend...?

[turbobloke]

Confirmed this morning by NuLabiaOnAir (BBC) that Gordither's ministers approved Fred's pension terms. How moronic can the Clown get to keep challenging this as he intends to do yet again at what the beeb called a meeting of activists - the only reason that might apply is that Mandy advised attack as the best form of defence once the incompetents realised they'd screwed up (again) and would get bad press over it - that could explain all the bare-faced front and bluster from the clunking fist. Royal Mail anti-privatisation protesters are also there today, Brown may see interesting times.

[Invisible man]

turbobloke said:

Confirmed this morning by NuLabiaOnAir (BBC) that Gordither's ministers approved Fred's pension terms. How moronic can the Clown get to keep challenging this as he intends to do yet again at what the beeb called a meeting of activists - the only reason that might apply is that Mandy advised attack as the best form of defence once the incompetents realised they'd screwed up (again) and would get bad press over it - that could explain all the bare-faced front and bluster from the clunking fist. Royal Mail anti-privatisation protesters are also there today, Brown may see interesting times.

bluff and bluster, Brown is hoping this charade will deflect the heat away from himself, the hypocrisy and incompetence is simply staggering. I hope Goodwin takes it all the way