RBS Fred Goodwin and 650k p.a pension at 50!

[amaftauhoo]

Just got home and switched on sky news. Apparently he's been given the offer to take less of a pension and updates soon...

[elster]

amaftauhoo said:

Just got home and switched on sky news. Apparently he's been given the offer to take less of a pension and updates soon...

If I was him I wouldn't say thanks but no thanks.

[Tony*T3]

sts going to hit the fan on this one..... apparantly the government could have cancelled his pension but thye didnt think they could....

heads must roll

[maix27]

andy-xr said:

Well done to the guy, he's negotiated a good deal presumably well before The Browturn kicked in. If the banking problems hadnt been brought to light, or if the banks hadnt had these problems I doubt anyone would have batted an eyelid

Completly ignoring the point too, it did happen, and millions have had their pensions affected because of his actions directly. Why should he be any different?

I'd refuse the little st dole money, let alone millions. (by the way, we now own a controling stake in the company that pays this stupid pension).

[amaftauhoo]

I was wrong. His pension is close to 700k pa (693k), the excuse is "everything was done in a rush"! wtf!

[deadslow]

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.

Well the City only facilitated the general public's desire to borrow beyond their means - no one complained with a brand new BMW on their drive, living in a house they could ill-afford. The City has been used as a scapegoat in my opinion, you should perhaps ask why the government took away control on the level of national debt when they came to power.

You may be right - I would say he sits somewhere between a crack cocaine facilitator and a pyramid selling facilitator. Both noble professions and blamelessly altruistic.

Doubt his former shareholders share your view.

[Bibbs]

I don't see the problem, the guy got himself a good contract (where you get bonuses/pension even if you fail) with a few get-outs for the employer.

When his employment was terminated, the employer didn't use the get-outs.

What's the problem, a contract has two sides?

[amaftauhoo]

Looks like he is not going to give it back if he can get away with it...

[jesusbuiltmycar]

bbc said:

Ex-Royal Bank of Scotland boss Sir Fred Goodwin has rejected calls to give up his £650,000-a-year pension.

Chancellor Alistair Darling had asked him to hand back his £16m pension pot amid anger about rewards for failure.

But Sir Fred rejected that request in a letter to the Treasury in which he also says ministers agreed to the deal.

So why did the government agree to it?
If they didn't agree to it, why didn't they do their "due dilligence" and check up on these things before handing over a motherfking shtload of taxpayers cash to RBS?

Surely not more Incompetence from Brown & the Badger?

[odyssey2200]

Does he deserve it? No
Is he just holding the Gov't to the contract of his terms of employment? Yes

Would any of us give it back: not a fking chance.

If he fked up running the bank, he should have been dealt with by the proper disciplinary procedures and all that that entails, such as dismissal and loss of pension etc.
but If he was allowed to keep his pension then thats the terms.

Like it or not he is entitled to it,

[10 Pence Short]

amaftauhoo said:

Looks like he is not going to give it back if he can get away with it...

Get away with it? He negotiated the deal, did what he was asked by the government and left on the agreed terms.

Now the press have found out, they want blood, so the government blame Goodwin, rather than themselves, for doing a bad deal.

If you bought a 15 year old Granada for £20k, and your mates all laughed at you for being a fecking idiot, would it be the sellers fault for being devious or your own fault for being an idiot, when you tried to reverse the deal?

Edited by 10 Pence Short on Thursday 26th February 18:29

[Lurking Lawyer]

odyssey2200 said:

Like it or not he is entitled to it,

That's the nub of it.

And it's political posturing of the worst kind by Badger Darling to be making a public call for Goodwin to hand it back rather than doing so in private correspondence. Not that that should surprise anyone

[zakelwe]

The guy who made off with all that money in the USA is called Madoff

The guy who gets a pension he doesn't deserve is called Good Win.

Why did I have to be called what I was?

Regards

Andy Pissbroke

[EDLT]

odyssey2200 said:

Does he deserve it? No
Is he just holding the Gov't to the contract of his terms of employment? Yes

Would any of us give it back: not a fking chance.

If he fked up running the bank, he should have been dealt with by the proper disciplinary procedures and all that that entails, such as dismissal and loss of pension etc.
but If he was allowed to keep his pension then thats the terms.

Like it or not he is entitled to it,

I agree with that, its not his fault if he asked for a £650k pa pension and the answer was "just sign here."

I'd have done the same thing tbh.

[bitwrx]

Chris_w666 said:

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?

I was wondering that myself. Maybe he has a big mortgage to pay too.

Neither. I just think they're brilliant.
Been thinking:
May - S1 106 Rallye
June - saving up for...
July - still saving...
Aug - 205 T16

[andy-xr]

maix27 said:

andy-xr said:

Well done to the guy, he's negotiated a good deal presumably well before The Browturn kicked in. If the banking problems hadnt been brought to light, or if the banks hadnt had these problems I doubt anyone would have batted an eyelid

Completly ignoring the point too, it did happen, and millions have had their pensions affected because of his actions directly. Why should he be any different?

I'd refuse the little st dole money, let alone millions. (by the way, we now own a controling stake in the company that pays this stupid pension).

I'm guessing you mean he shouldnt have that sort of money if it's public money?

I havent really read or seen much of whats going on in the news about it, but it seems to me that he's got it in writing, he was asked to reconsider in light of recent events and thought he'd stick with the original deal.

Cant really argue with that, and he'd possibly take anyone who challenged him to the cleaners, especially in European courts.

[Adrian W]

Not to long ago if you moaned about someone in this type of job's salary you would get told "that's what the best people cost, and if you don't pay the going rate for the job you wont get the best people" And he was considered the best.

Funny how it is now.

He negotiated his contract and good luck to him!

[Maxf]

bitwrx said:

Chris_w666 said:

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?

I was wondering that myself. Maybe he has a big mortgage to pay too.

Neither. I just think they're brilliant.
Been thinking:
May - S1 106 Rallye
June - saving up for...
July - still saving...
Aug - 205 T16

Maybe what you'd do now, but had you been earning millions per year for the last 15 years or so, then gifted 650k pa pension you might not be thumbing through the latest Renault brochure while you waited for your notice period to be up

[odyssey2200]

If his pension is taken away from him, what presidents does that set for the rest of us?

When the going gets tough you can loose your pension?

[bitwrx]

Maxf said:

bitwrx said:

Chris_w666 said:

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?

I was wondering that myself. Maybe he has a big mortgage to pay too.

Neither. I just think they're brilliant.
Been thinking:
May - S1 106 Rallye
June - saving up for...
July - still saving...
Aug - 205 T16

Maybe what you'd do now, but had you been earning millions per year for the last 15 years or so, then gifted 650k pa pension you might not be thumbing through the latest Renault brochure while you waited for your notice period to be up

Oh I dunno. I'd like to think that I'm happy enough in my own skin that money wouldn't change me.

Anyway, they've already stopped making the model I want so it would be PH classifieds only.