I'm not sure if the Brit ex-pats have been following this UK story.
Sir Fred Goodwin lost his job as Chief of the Royal Bank of Scotland (RBS) after the huge losses that the bank incurred following its takeover of ABN Amro. Part of the deal with the Government (following its 50% + buy in to the Bank) was to give Sir Fred early retirement with a £16million pension.
Now the Government is saying it was led to believe by RBS Execs, that the pay off was contractual when in fact they could have blocked it. The Government now wants all or part of the money back and Sir Fred says he's holding onto it.
I believe that a deal is a deal and that the Government can't go back on what's been agreed, however a lot of people say his pay off is obscene at a time when a substantial number of RBS employees are about to lose their jobs.
What do others think?







