Sir Fred Goodwin's refusal to give up any of his £693,000-a-year pension from troubled Royal Bank of Scotland has been branded "unacceptable" by City Minister Lord Myners.
Should Sir Fred hand back his pension? Is he right to keep hold of it? Is Sir Fred in the wrong for accepting it or is the treasury wrong for asking him to give it up, even though the deal was pre-agreed?
The former RBS chief executive rejected Government pressure to accept a reduction in his package, insisting that changes to the early retirement deal he negotiated when he was forced out in the autumn were "not warranted".
The massive payouts were branded "obscene" and "grotesque" by MPs, and Prime Minister Gordon Brown indicated that the Government was considering legal action to claw back all or part of the money.
But in a letter to Lord Myners, Sir Fred claimed the Treasury minister was aware of the details of his entitlement at the time of his departure.
Lets start:-
December 2002 "Businessman of the Year", which describes him as original thinker with a fast forward frame of mind who had transformed RBS from nonentity into a global name.
December 2003 "European Banker of the Year"
This is the Best
June 2004 KNIGHTED IN THE QUEENS 2004 BIRTHDAY HONORS LIST, FOR HIS SERVICES TO BANKING. How do they pass the buck on that one.
July 2008 YES JULY 2008 awarded an honorary fellowship by the LONDON BUSINESS SCHOOL (wonder who the members are?)
2008 - 2009 Wrecks RBS and rewarded for failure.
IS IT ME OR WHAT!!!!
Not content at totally ballsing up his retirement package they now have Lawyers on the case at £500 per hour trying to recover "Some" of his renumeration. What a waste!
Labour just a bunch of "FAILED MANAGERS" hanging on to whatever they can. In the eyes of the world this Government is a "JOKE".
Gordon not going to say sorry or resign.
And some silly people are daft enough to say it's our fault - berks.
I've done the one trhing that all RBS account holders should do - change banks, there's still a choice out there, who care's if RBS then go down the tubes. The government will also go down the tubes when we get our chance to vote!
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