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Sir Fred Goodwin's Pension

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Sir Fred Goodwin's Pension

Postby westerby » March 1, 2009, 6:23 pm

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?
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Re: Sir Fred Goodwin's Pension

Postby trubrit » March 1, 2009, 7:24 pm

Well its obvious that the people on the govt side were incompetent if they are now saying that wasn't their intention. So let them pay for their stupidity.Hang on to it Sir Fred . I would. :lol: Obscene? I love that word.Its only obscene if your not getting a slice of the cake. :lol:
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Re: Sir Fred Goodwin's Pension

Postby beer monkey » March 1, 2009, 9:25 pm

trubits wrote:So let them pay for their stupidity


No they are not paying for anything...WE are.

So therefore YES its obscene...as i have to pay towards it. :|

trubirt wrote:Its only obscene if your not getting a slice of the cake.


Tell that to RBS employees also spare a thought for the many of workers that could well be out of a job and a home.
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Re: Sir Fred Goodwin's Pension

Postby westerby » March 1, 2009, 10:20 pm

beer monkey wrote:Tell that to RBS employees also spare a thought for the many of workers that could well be out of a job and a home.


Yes, obscene was my word not theirs, however I thought it was appropriate. You're right BM, some of these people will be out of a job following the RBS posting this week of a £24 Billion loss (could be more, I forget but you get the picture). Harriet Harmon has said the Government will try to recover the money but I don't see how they can, it was, after all, a pay off.
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Re: Sir Fred Goodwin's Pension

Postby beer monkey » March 1, 2009, 10:26 pm

trubrit wrote:Hang on to it Sir Fred . I would.


Yes Sir No Sir 3 bags full Sir.......A case of 'I'm alright jack'.....'fcuk the rest of ya'.

If Fred.... whoops solly 'Sir' Fred has any decency he will strike a deal...that way he won't be sneered at for the rest of his life everywhere he goes......sure he won't miss it anyway.
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Re: Sir Fred Goodwin's Pension

Postby Aardvark » March 2, 2009, 5:31 am

I could retire very comfortably on just 1 of those million pounds, but I guess Sir Fred is used to a different standard of living than I'am :roll:
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Re: Sir Fred Goodwin's Pension

Postby BobHelm » March 2, 2009, 11:52 am

For anyone wanting to read the full account of the pension details (& about Sir Fred's career) here is a good summary.
http://en.wikipedia.org/wiki/Fred_Goodwin
Some nice quotes... including...

In January 2009 The Guardian's City editor Julia Finch identified him as one of twenty-five people who were at the heart of the financial meltdown



I have always believed that the Senior Executives should be on EXACTLY the same pension scheme as all other employees. This might enhance & improve the general scheme rather than be a way of rewarding sacked Executives for incompetency.
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Re: Sir Fred Goodwin's Pension

Postby westerby » March 3, 2009, 3:00 am

BobHelm wrote:I have always believed that the Senior Executives should be on EXACTLY the same pension scheme as all other employees. This might enhance & improve the general scheme rather than be a way of rewarding sacked Executives for incompetency.


Then so-called experts in the City would say that you have to attract the right people with the right financial packages, although he can't be that good if he screwed up this big. I'd take his knighthood off him to begin with but then the Government can't even manage to strip Lord Archer or Lord Black of their peerages so that's a non-starter. I still think a deal is a deal though and I don't think the One Eyed Idiot is going to get any of that pension back.
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Re: Sir Fred Goodwin's Pension

Postby westerby » March 7, 2009, 5:05 pm

Check this out.

Source: BBC

Crisis hospice's plea to RBS boss

http://news.bbc.co.uk/1/hi/england/hampshire/7927031.stm

A children's hospice which invested £5.7m in a collapsed Icelandic bank has urged the ex-Royal Bank of Scotland boss to donate £100,000 a year.
Professor Khalid Aziz, chair of Naomi House Hospice in Sutton Scotney, Hampshire, has written to Sir Fred Goodwin appealing for the funds.
The hospice's cash is tied up with Kaupthing Singer and Friedlander.
Sir Fred's pension has been revealed to be worth £703,000 a year. Prof Aziz said the cash would "change lives".
Naomi House - which looks after terminally-ill children in Hampshire, Berkshire, Dorset, the Isle of Wight, Surrey, West Sussex and Wiltshire - suspended its community outreach home service in December.
In his letter, Prof Aziz urged Sir Fred Goodwin to consider how he could "take steps to change the lives of hundreds of very poorly children".
"A contribution from bankers, like Sir Fred, who now find themselves relatively well provided for, could make the world of difference to the children visiting Naomi House," he said.
"The response of the children during their visits is astonishing."
A week's respite for a life-limited child costs around £7,600 - less than 1% of an annual pension of £703,000, a hospice spokeswoman said.
Mr Aziz's plea comes after charities minister Kevin Brennan recently told the hospice in a letter "he could offer no direct assistance".
The charity may also have to delay the opening of its new £12m hospice for teenagers and young people.
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Re: Sir Fred Goodwin's Pension

Postby beer monkey » March 7, 2009, 6:03 pm

How about it Freddie sir....?
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Re: Sir Fred Goodwin's Pension

Postby beer monkey » March 25, 2009, 4:37 pm

The home of former bank boss Sir Fred Goodwin has been attacked by vandals.

Windows were smashed at the former Royal Bank of Scotland chief executive's villa in the upmarket Morningside area of Edinburgh.


The windows of a Mercedes S600, parked in the driveway, were also smashed in the attack in the early hours.

It is not known if anyone was in the house at the time of the attack or who reported the vandalism.

Lothian and Borders police are investigating a report of vandalism.

Sir Fred was recently at the centre of a row about his £700,000 pension.
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Re: Sir Fred Goodwin's Pension

Postby Juan Kosoff » March 25, 2009, 4:47 pm

Will he lose his no claims ?
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Re: Sir Fred Goodwin's Pension

Postby beer monkey » March 25, 2009, 5:00 pm

He might do Juan K.... his premiums might go up by £45 next year. :(
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Re: Sir Fred Goodwin's Pension

Postby Juan Kosoff » March 25, 2009, 5:01 pm

So sad, could not have happened to a nicer bloke. :lol:
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Re: Sir Fred Goodwin's Pension

Postby westerby » May 9, 2009, 11:38 pm

Goodwin title strip 'considered'

Source: BBC

http://news.bbc.co.uk/1/hi/business/8041365.stm

Honours watchdog the Forfeiture Committee is to consider whether it should act to strip former RBS boss Sir Fred Goodwin of his knighthood.
Sir Fred took early retirement from RBS last year after the bank needed a £20bn bailout from the government.
Some Labour MPs called for the former chief executive to lose his title.
But Cabinet Secretary Sir Gus O'Donnell said the watchdog usually responded to judgements by the courts or relevant regulatory or professional bodies.
There has been widespread public and political anger over Sir Fred's pension payout, worth about £700,000 a year.
Sir Fred was knighted for services to banking in 2004.
Labour backbencher Gordon Prentice said: "Sir Fred was the central figure in the collapse of a major Scottish institution.
"In these circumstances, retaining a knighthood awarded 'for services to banking' strikes me as bizarre."

Evidence

In a letter to Mr Prentice, Sir Gus said: "I will, of course, put the points you have made to the Forfeiture Committee, which will look at them against the background I have sketched out above and decide whether any action on its part is appropriate."
He wrote that the committee did "not have a role in supervising or monitoring the subsequent activities of all those who have been granted honours by the state".
"Its role is rather to consider cases for forfeiture in the light of evidence put to it and relevant precedents.
"The normal sources of such evidence are judgments by the courts or by the appropriate regulatory or other professional bodies."
Previous cases had involved a "clear determination of guilt by the appropriate regulatory, judicial or other competent authority on the basis of evidence put to it", Sir Gus wrote.
"The Forfeiture Committee then decided whether the individual's honour should be forfeited. The committee is not normally involved prior to any findings by the appropriate authorities."


Well it wouldn't bother me too much if I lost my knighthood but still kept my fat pension. It's evident that this is as far as the One Eyed Idiot can go in punishing Sir Fred. A couple of months ago, the Labour Government were all set for recovering the money, now they can't even manage that. This week, Lord Myners said on Radio 4 that recouping Sir Fred's pension was a matter for the RBS, not what he said earlier this year.
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