Peston has a great story here. Sir Fred Goodwin, the man who may well turn out to have bankrupted a bank and a country - has at 50 been able to retire on £650,000 a year.
Talk about rewarding failure, RBS have done a Jack Welch. The Government will make noises about how they want to 'claw' back money; but it is highly unlikely to be able to do so.
Sir Fred is laughing all the way to the bank...given what he knows do you think he still banks with RBS?
Light regulation ye say.. Soomones made an almighty mess 'o things.Noooo, It was'nae me..
ReplyDeleteFred Goodwin/Alistair Darling/John McFall/Gordon Brown/Douglas Alexander
delete as applicable.
Time for pitch forks, flintlocks, and cannon, goddamn it.
ReplyDeleteAnd there is more of taxpayers money down the pan later this week.
If the bank had been allowed to go bust then you have got to figure he would have been out on his ear, got the sack, or lost out when the bank went bankrupt.
ReplyDeleteWould he have got a pension then?
It looks like he ruined the bank and collected big bonuses doing it.
It Looks like he is laughing all the way to someone else's bank now, while Gordon Brown takes advice from more like him.
There must be an opportunity here for the Fucking Shit Agency to look into the accounting practices etc. of RBS, uncover wrongdoing & prosecute people.
ReplyDeleteAt least in the USA the wrath of the great unwashed is assuaged by the condign punishment of an assortment of suitable scapegoats. In this country the prevailing attitude seems to be "nothing to see here, move along". This tosser took a 300 yr old institution & destroyed it. It's just plain wrong he now goes away with a better lifestyle than a lottery winner.
As we joke in my company, the only perfect management science is the search for the guilty after a screw up. Except it isn't really a joke.
I don't think he will be giving it all to charity either. My predicition is a retirement to Monaco or Barbados.
ReplyDeleteIn our mad world, perphas he will get a job as a regulator somewhere to keep him occupied. After all, Sir James Crosby did!
Is anyone going to ask the Dutch regulators what they think they've been doing with their banks?
ReplyDeleteI wonder what all the pontificating MPs would say if he offered to have a 50% reduction in his pension if they did it too?
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