RBS Fred Goodwin and 650k p.a pension at 50!
Discussion
Right or wrong, this does seem to be the contractual pension that he is due. If the company was daft enough to offer a contract which had this in it, and no clause for stopping if you are utterly rubbish at your job, there isn't much we can do. It reflects badly on Goodwin, but for me, it reflects even worse to RBS themselves. Who on earth actually approved this? Why did they let it actually go through? And all of this finger pointing at Goodwin, maybe we should be pointing the finger at the corporate lawyers and HR people - quite why they let this go through is beyond comprehension....
If you are crap at your job, you lose it. Depending on the role and position there maybe some severance pay etc. But there MUST be a method of which a non-performing employee can be removed. If you dont have this then you are screwed - oh, sorry I forget RBS is....
If you are crap at your job, you lose it. Depending on the role and position there maybe some severance pay etc. But there MUST be a method of which a non-performing employee can be removed. If you dont have this then you are screwed - oh, sorry I forget RBS is....
sa_20v said:
amaftauhoo said:
sa_20v said:
amaftauhoo said:
This moron should be in bloody prision. Not getting 55k a month.
No, all people who can spell prison are on that much! 
It's not much of a thread though is it? Man works hard, over exposes his company, company goes bust due to mis-management, he retains pension agreed when he walked into the job.
I suspect that you're probably too focused on the £55k/month bit - would you have suggested prison for someone who messed up, lost people their jobs and was now stood in the dole queue? Probably not.
sone said:
So 20,000 people possibly lose their jobs and this bloke gets the combined wage of dozens of them every month for the rest of his natural.
Oh and of course that old chestnut that GB caused all the toxic debt in the states which no doubt is a major issue with the loss at RBS is back with us. GB might be a useless tosser but he's not alone in all this.
all true enough, but he was the one that brought ABN with all it's dodgy debts... without this 'deal' RBS would not have been in anything like the hole it is now.Oh and of course that old chestnut that GB caused all the toxic debt in the states which no doubt is a major issue with the loss at RBS is back with us. GB might be a useless tosser but he's not alone in all this.
deadslow said:
Nicholas Blair said:
Reward for failure at every turn
Otherwise known as snouts in the trough. Its the city way.haworthlloyd1 said:
bitwrx said:
Serious question: how does one actually spend that much money every month?
Ok so there are a few things that I'd like to buy, but buying a MeganeSport the first month, then a desert spec XR600 the next only takes me up to the end of April. What next?
take off your 40% tax, then when you go on £20k holidays, run a house, have a new jaguar depreciating at £2k per month, bills, gardeners, cleaners, pay for your wife's expensive clothes, £3k suits etc it can soon be eaten up very quickly.Ok so there are a few things that I'd like to buy, but buying a MeganeSport the first month, then a desert spec XR600 the next only takes me up to the end of April. What next?
i do think he should be in prison rather than getting this pension though - people who have worked for rbs have targets they simply cannot hit without being encouraged to be bent
Hardly surprising really guys. His pension scheme will have worked under the same broad rules that any other Final Salary/Defined benefit scheme works on. i.e. maximum of 2/3 of salary due at retirement. Potential to enhance it for shorter service for Directors etc so that he didn't have to work 40 years to get 2/3.
Fundamentally- it's a reflection of his (and most other Bank Execs') obscene salaries that are focussed on narrow ly defined target objectives (e.g. reduce costs by x%, grow customer/turnover/share price by y%) to pick up the goodies...
As Los Angeles said; yesterday greed was good-today not so good.
Trouble is when was greed ever really justified when somebody was stiffing the consumer ??
Take away his umbrella now it's raining- that's what the Banks themselves have been good at with customers isn't it ??
Fundamentally- it's a reflection of his (and most other Bank Execs') obscene salaries that are focussed on narrow ly defined target objectives (e.g. reduce costs by x%, grow customer/turnover/share price by y%) to pick up the goodies...
As Los Angeles said; yesterday greed was good-today not so good.
Trouble is when was greed ever really justified when somebody was stiffing the consumer ??
Take away his umbrella now it's raining- that's what the Banks themselves have been good at with customers isn't it ??
bitwrx said:
Serious question: how does one actually spend that much money every month?
Ok so there are a few things that I'd like to buy, but buying a MeganeSport the first month, then a desert spec XR600 the next only takes me up to the end of April. What next?
You have 55k to spend each month.. and the first thing you buy is a MeganeSport?Ok so there are a few things that I'd like to buy, but buying a MeganeSport the first month, then a desert spec XR600 the next only takes me up to the end of April. What next?
raharley said:
bitwrx said:
Serious question: how does one actually spend that much money every month?
Ok so there are a few things that I'd like to buy, but buying a MeganeSport the first month, then a desert spec XR600 the next only takes me up to the end of April. What next?
You have 55k to spend each month.. and the first thing you buy is a MeganeSport?Ok so there are a few things that I'd like to buy, but buying a MeganeSport the first month, then a desert spec XR600 the next only takes me up to the end of April. What next?
bitwrx said:
Serious question: how does one actually spend that much money every month?
Ok so there are a few things that I'd like to buy, but buying a MeganeSport the first month, then a desert spec XR600 the next only takes me up to the end of April. What next?
If I'd cost thousands of people their jobs and the tax payer's billions, the first thing I'd get would be lots and lots of security, followed by an armoured car or two and maybe a very remote house Ok so there are a few things that I'd like to buy, but buying a MeganeSport the first month, then a desert spec XR600 the next only takes me up to the end of April. What next?
bitwrx said:
Serious question: how does one actually spend that much money every month?
Ok so there are a few things that I'd like to buy, but buying a MeganeSport the first month, then a desert spec XR600 the next only takes me up to the end of April. What next?
Start wishing you were rich enough to shop here http://sunseeker.com/Ok so there are a few things that I'd like to buy, but buying a MeganeSport the first month, then a desert spec XR600 the next only takes me up to the end of April. What next?
sa_20v said:
deadslow said:
Nicholas Blair said:
Reward for failure at every turn
Otherwise known as snouts in the trough. Its the city way.amaftauhoo said:
Does anyone else think this is bloody ridicilous? 650k annual pension for life! I dont care if he can't do anything about it, it still makes my blood boil when I personally know people who have lost their jobs who were very good employees.
Have a nice day all.
http://business.timesonline.co.uk/tol/business/ind...
I make that to be over 54k a month. ffs!
Wow, wish I could get that.Have a nice day all.
http://business.timesonline.co.uk/tol/business/ind...
I make that to be over 54k a month. ffs!
Edited by amaftauhoo on Thursday 26th February 07:33
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