RBS Fred Goodwin and 650k p.a pension at 50!
Discussion
Had RBS not been bailed out, Fred would have received aprox £15K pension under the terms of director pension schemes, as the government bailed RBS out, he doesn't have that problem and should receive what his contract says. Funny old world init.
The biggest scammer when you look to pensions though, is herr Brown, he robbed us all blind when he removed the tax exemption from pension fund growth when he got into power, that is costing us all Billions in real in your pocket money and the real reason why a lot of us will have crap retirement funds when we come to retire at 96.
The biggest scammer when you look to pensions though, is herr Brown, he robbed us all blind when he removed the tax exemption from pension fund growth when he got into power, that is costing us all Billions in real in your pocket money and the real reason why a lot of us will have crap retirement funds when we come to retire at 96.
http://news.bbc.co.uk/1/hi/uk_politics/7913582.stm
To summarise the above link, he was spoken to yesterday in a private conversation with a Govt Minister to discuss the fact that the pension figure would appear in the annual report, and it probably would attract bad PR for the Gubbermint. One can only imagine Fred's response to being asked to voluntarily give money away, but he was asked to further consider it, and reply before the annual report was published, so I'd posit it was along the lines of "
off".
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, he's subscribed to the share issue to foster confidence in it, and best of all, the Treasury was fully aware of his pension when he went, and approved of him keeping it.
I say its another incompetent leak to try and deflect bad PR from New Labour, and I hope it stinks the House out.
To summarise the above link, he was spoken to yesterday in a private conversation with a Govt Minister to discuss the fact that the pension figure would appear in the annual report, and it probably would attract bad PR for the Gubbermint. One can only imagine Fred's response to being asked to voluntarily give money away, but he was asked to further consider it, and reply before the annual report was published, so I'd posit it was along the lines of "
off". 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, he's subscribed to the share issue to foster confidence in it, and best of all, the Treasury was fully aware of his pension when he went, and approved of him keeping it.
I say its another incompetent leak to try and deflect bad PR from New Labour, and I hope it stinks the House out.
Los Angeles said:
elster said:
What about the years of profit?
It was fake profit, paper money, pretendy finance, fantasy deals between banks.That is why they are collapsing everywhere. Nothing was real.
When it was discovered Bear Sterns had billions in sub-prime mortgages and little or no collateral to support them in event of crisis the alarm bells rang everywhere. They got bailed out by the US Treasury. When their books were opened for inspection they told an even worse story: their massive debts were linked to every other bank who had dealings with them, financial institutions across the globe ... then the markets got wind of what was happening and the run on the banks began.
Please understand:
The United Kingdom is tottering on the point of bankruptcy, the USA is all but bankrupt. We embraced US extreme economics from Thatcher onwards and are paying the price for being so closely allied to one "special relationship" with a lethal fiscal ideology one-size fits all.
Forget the who did what and why. It's too late to nibble at the edges.
We need radical reform yesterday not only in regulation of our financial institutions and markets, but in our attitude to personal wealth.
(i'm not laughing at you, it just beats crying...)
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...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...The real issue is the fact that this was agreed and accepted by RBS and the Treasury when it happened, and (my assumption) he told them to do one yesterday, they leaked both the Annual Report and the private conversation. How very political (and yes, I did say that word with a sneer)
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...The real issue is the fact that this was agreed and accepted by RBS and the Treasury when it happened, and (my assumption) he told them to do one yesterday, they leaked both the Annual Report and the private conversation. How very political (and yes, I did say that word with a sneer)
Seems to me everyone's hacked off with this fella because he's got away with a bloody good golden handshake that people were quite happy to pay whilst the money was rolling in.
If anyone said I should take a salary hit or lose some pension because it was suddenly deemed socially unacceptable (unlikely) I'd be inclined to tell them where to go as well.
If anyone said I should take a salary hit or lose some pension because it was suddenly deemed socially unacceptable (unlikely) I'd be inclined to tell them where to go as well.
BOR said:
Take his pension away.
Take his money away.
Take his house away.
Take his cars away.
Take his yacht away.
Take back whatever he stashed under his wifes name.
Give him a lawyer and a jury and tell him to claim it all back.
These thieves need to be treated like thieves.
Does John Prescott read the P & P ? If you need any more advice John, just ask.Take his money away.
Take his house away.
Take his cars away.
Take his yacht away.
Take back whatever he stashed under his wifes name.
Give him a lawyer and a jury and tell him to claim it all back.
These thieves need to be treated like thieves.
the mighty Prescott said:
John Prescott today urged ministers to strip Sir Fred Goodwin, the former chief executive of Royal Bank of Scotland, of his £693,000-a-year pension and let him sue the government through the courts.
The former deputy prime minister upped the ante on the bank chief, who yesterday rebuffed a government appeal for him to repay some of his entitlement.
Prescott told BBC Radio 4's Today programme that he should not be entitled to the full amount, adding: "If he refuses to give it back, the government should take it off him and let him sue us through the courts."
The former deputy prime minister upped the ante on the bank chief, who yesterday rebuffed a government appeal for him to repay some of his entitlement.
Prescott told BBC Radio 4's Today programme that he should not be entitled to the full amount, adding: "If he refuses to give it back, the government should take it off him and let him sue us through the courts."
Good on him. He shouldnt give back a penny.
His management may have been poor, but he did nothing illegal. His pension is rightfully his.
Yet another example of labour acting too fast to try and look the hero, doing bugger all due dilligence or even really understanding what they were committing to and now the fact shave come out they are frantically trying to back pedal.
Their incompetence is staggering.
ETA: Being that the most common arguement seems to be, "under his leadership, RBS has wracked up £x billion of debt, that unacceptable", will Brown/Blair/Darling and the rest of them be giving up their pensions due to how much debt UK PLC has acquired under their leadership? Thought not...
His management may have been poor, but he did nothing illegal. His pension is rightfully his.
Yet another example of labour acting too fast to try and look the hero, doing bugger all due dilligence or even really understanding what they were committing to and now the fact shave come out they are frantically trying to back pedal.
Their incompetence is staggering.
ETA: Being that the most common arguement seems to be, "under his leadership, RBS has wracked up £x billion of debt, that unacceptable", will Brown/Blair/Darling and the rest of them be giving up their pensions due to how much debt UK PLC has acquired under their leadership? Thought not...
Edited by emicen on Friday 27th February 09:36
This stinks of political blame shifting, you can't blame the man for exercising his agreed rights to a pension, which was agreed by a renumeration comittee and shareholders; it's not his problem that due dilligence went out of the window when they decided to eject him. I would tell the government where to get off too, I hope he holds his nerve and doesn't crumble...
Skywalker said:
As revolting as this story appears / is...
...Gordo has no moral highground to be running around bhing about it now as if he and his staff hadn't been such incompetent dumbfks they wouldn't have handed over the cash to RBS without resolving issues like this and establishing conditions / safeguards first.
Absolutely....Gordo has no moral highground to be running around b
hing about it now as if he and his staff hadn't been such incompetent dumbfks they wouldn't have handed over the cash to RBS without resolving issues like this and establishing conditions / safeguards first.You don't just saddle the tax payers with hundreds of billions of pounds of debt without making sure that it is not going to end up in the hands of the failing companies employees as a 'bonus.' Gross negligence on the part of the government.
They still don't know the banks positions and how much they have really lost since the begining of the 'credit crunch' yet continue to make cash availble to failing banks.
I also want to add that if the government believe they have the power and the right to over-rule a legally binding contract THEN WE ARE ALL f
kED.From The Daily Mash this morning...
http://www.thedailymash.co.uk/politics/politics-he...
BROWN REFUSES TO HAND BACK PENSION
GORDON Brown last night dismissed calls to surrender his £123,000 a year pension when he is forced to stop being prime minister next June.
He also has a nice big house which you pay forMr Brown was defiant in the face of City outrage despite the UK government's annual operating loss of £100bn, rising to £1.5 trillion when the write-down of its banking assets is taken into account.
The prime minister said: "I've been building up this pension since I became an MP, it's all completely legal and now you want to take it away because I've been catastrophically bad at my job and you're looking for a scapegoat. What gives?"
He added: "Yes I've been in charge of financial regulation for 12 years, yes I encouraged the housing bubble, and yes I pissed billions up the wall giving pointless jobs to Labour voters, but I fail to see what any of this has to do with me being incredibly well off."
Brown's £3 million pension pot is expected to cast the spotlight on the extravagant retirement packages of other failed politicians including Alistair Darling's inexplicable £1.7m and the £1.5m awarded to John Prescott for being a national scandal for 10 years.
Meanwhile Margaret Beckett has a fund worth £1.7m, someone called 'Hilary Armstrong' has £1.2m and Tessa Jowell has £1m even though no-one has the faintest idea what any of them actually did.
Critics insist Mr Brown has a moral duty to hand back his pension fund as he will inevitably receive a multi-million pound advance for two volumes of eye-gougingly tedious memoirs which will end up in the bargain bucket at WH Smith within a fortnight.
Martin Bishop, head of pension rows at the Institute for Studies, said: "It's a fascinating dynamic. The politicians blame the bankers, the bankers blame the politicians, and the ordinary taxpayer is down on all fours with a confused look on his face, being fked at both ends."
http://www.thedailymash.co.uk/politics/politics-he...
BROWN REFUSES TO HAND BACK PENSION
GORDON Brown last night dismissed calls to surrender his £123,000 a year pension when he is forced to stop being prime minister next June.
He also has a nice big house which you pay forMr Brown was defiant in the face of City outrage despite the UK government's annual operating loss of £100bn, rising to £1.5 trillion when the write-down of its banking assets is taken into account.
The prime minister said: "I've been building up this pension since I became an MP, it's all completely legal and now you want to take it away because I've been catastrophically bad at my job and you're looking for a scapegoat. What gives?"
He added: "Yes I've been in charge of financial regulation for 12 years, yes I encouraged the housing bubble, and yes I pissed billions up the wall giving pointless jobs to Labour voters, but I fail to see what any of this has to do with me being incredibly well off."
Brown's £3 million pension pot is expected to cast the spotlight on the extravagant retirement packages of other failed politicians including Alistair Darling's inexplicable £1.7m and the £1.5m awarded to John Prescott for being a national scandal for 10 years.
Meanwhile Margaret Beckett has a fund worth £1.7m, someone called 'Hilary Armstrong' has £1.2m and Tessa Jowell has £1m even though no-one has the faintest idea what any of them actually did.
Critics insist Mr Brown has a moral duty to hand back his pension fund as he will inevitably receive a multi-million pound advance for two volumes of eye-gougingly tedious memoirs which will end up in the bargain bucket at WH Smith within a fortnight.
Martin Bishop, head of pension rows at the Institute for Studies, said: "It's a fascinating dynamic. The politicians blame the bankers, the bankers blame the politicians, and the ordinary taxpayer is down on all fours with a confused look on his face, being f
ked at both ends."Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff