Big losses, big bailout, big pension?

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The former CEO of the Royal Bank of Scotland, Sir Frederick Goodwin, wants to keep his hands on the mula – all £16 million of it in his pension pot.

Sir Fred being shred

Sir Fred being shred

Sir Fred, nicknamed ‘Fred the Shred’ due to his former reputation for efficiency savings, was knighted in 2004 for services to banking.

Back then I guess it looked like he had done a good job of making RBS into one of the largest companies in the world.

Since then, of course, it has needed billions of pounds of public funds to keep it running. Yesterday it announced a record-breaking loss. Perhaps Sir Fred’s contribution to the UK economy has not been so great after all.

The man clearly has no shame if he refuses to compromise over the disgraceful size of his pension. If the government cannot force him to do this, his knighthood should be revoked at the very least. Labour MP Gordon Prentice has suggested this and there are apparently several petitions going around on the subject.

Dave Osler has a post pointing out that those clowns at the Daily Telegraph are convinced that the real greedy pensions scandal is to be found in the public sector. (Well, lots of the banks are now partly in the public sector, but of course the Telegraph is picking on those real villains: the nurses, the teachers, etc).

Captain Jako

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