RBS Fred Goodwin

[agentundercover]

I wrote a more detailed post then it broke down and I can't be arsed to re pen it.

Suffice to say the country is in witch hunt mode and pleasant it is not.

He made business mistakes but did not ask dishonestly. Where does the line get drawn? Should my pension pot be at risk if one of my projects goes t1ts up?

I dont think so. This one is led by the media and idiot labour politicians.

Harriet Harman today,

'And it might be enforceable in a court of law, this contract, but it is not enforceable in the court of public opinion and that is where the government steps in'

what a load of b0llocks. The court of public opinion? In a country where the best selling newspaper is the Sun?

 

[Padster]

At the end of the day it's his pension and even if it is a ludicrous amount of money both the papers and the government should stop treating it as though it's a bonus. A pension is not perfomance-related. Not even final salary pensions are like that. He's not going to give it up or take a reduction and I don't blame him one bit. However, the people who decided he should have such a huge pension should be blamed.

 

[macdonsj]

before it all went tits up - the RBS would have been paying for his pension
thats fair enough


Now, due to his mismanagement of the company - they needed bailing out by you and me - the taxpayer

Therefore - all bets should be off
Effectively - we are all now paying for this buffoon's pension
thanks to a decision that was an massive ego trip for the man

and given the state of the economy - should he not hand back the pension (that he DOES NOT NEED) then i foresee some distraught person who has lost everything taking a pop at him

 

[Olly]

he may be a capitalist kunt but he's just one of several playing the system for all its worth

the govt suddenly going all socialist on us after years of toadying up to the fat cats makes me nauseous...

the real reason the govt are witch-hunting the City is to distract attention from their own proven economic ineptitude.

 

[djchewie]

when the govt bailed out RBS and the rest, shouldnt have they been a bit more through with things like this?

all well and good them having a go now, but its a bit too late.

seems like the govt are fighting fires as they arise with a hose in each hand and one up its arse.

wasnt Brown good pals with Goodwin when things were rosy, and nominated him for a knighthood?

all the attention on Goodwin is to defect the blame from Brown.

seems everyone else is to blame apart from our esteemed leader.

 

[MARKB]

They've handled this so badly.

There's no way he will give up his pension and i don't blame him. He has nothing to lose now they're aired his dirty laundry so publicly. He'll have few employment prospects and be more than happy to ride this one out until the public / redtops find their next target.

if i were him i'd tough it out and count the greens. But then again, if i were him, or even my pet fish were him, the banks would be in a much better position, the ineffective moron.

 

[Clara]

Should my pension pot be at risk if one of my projects goes t1ts up?

If you were partially responsible for bringing down the entire company which had to be bailed out by the tax-payer, then yes.

 

[MARKB]

I don't think i made it clear in my post, I don't condone Fred the Shred, just think the Govt have got him with his back to the wall and nothing to lose. Not a good thing if you want him to play ball.

 

[Gavvodka]

Bollox to it all!!!!!

I work for the rbs, i never got my bonus but still booked up for ibiza as soon as i heard were getting nout!! burn it!!!

 

[djcadenza]

well no-one seems to want to take any responibility for okaying his pension package..(surprise,surprise). and as long as this mystery person(s) remains as such,its been said that nothing can be done!!..absolute bullsh*t!!..the last time i checked this was known as a loophole..

 

[agentundercover]

well no-one seems to want to take any responibility for okaying his pension package..(surprise,surprise). and as long as this mystery person(s) remains as such,its been said that nothing can be done!!..absolute bullsh*t!!..the last time i checked this was known as a loophole..

glad to see natural justice generally taking the lead!

irrespective of who approved it, it is the system that allowed the pension to accrue & the board that approved the top up who are to blame.

but the horse has bolted - you can not surely change the law to claw money back from a single individual? Can we?

 

[agentundercover]

If you were partially responsible for bringing down the entire company which had to be bailed out by the tax-payer, then yes.

no bollox! (imho of course)

he acted badly, but in good faith - he is an arrogant idiot yes who made an epic mis judgement - but so have many others, but we can not re invent systems to punish him.

 

[djcadenza]

no bollox! (imho of course)

he acted badly, but in good faith - he is an arrogant idiot yes who made an epic mis judgement - but so have many others, but we can not re invent systems to punish him.

so while others lose their savings,jobs,homes & pensions,..possibly through no fault of their own..should he be allowed to keep his nest egg??considering the monumental blunders he made..

 

[agentundercover]

so while others lose their savings,jobs,homes & pensions,..possibly through no fault of their own..should he be allowed to keep his nest egg??considering the monumental blunders he made..

yes - they were the rules of the 'game' - I don't believe we can, or it is right to change them - I'm not saying it is fair - of course, it's not; however all that we can do is hope that the rules are changed to make sure it does not happen in the future - renumeration based on long term performance etc. don't get me wrong i'm not saying he is anything other than a complete t1t for getting us to this position!

 

[macdonsj]

yes - they were the rules of the 'game' - I don't believe we can, or it is right to change them - I'm not saying it is fair - of course, it's not; however all that we can do is hope that the rules are changed to make sure it does not happen in the future - renumeration based on long term performance etc. don't get me wrong i'm not saying he is anything other than a complete t1t for getting us to this position!

but my point was that what you said is true when the RBS was an independent company


but due to this buffoons ego and poor judgement - we, the taxpayer are paying for the institution to continue

as a result - all prior agreements should be torn up

 

[Clara]

he acted badly, but in good faith - he is an arrogant idiot yes who made an epic mis judgement - but so have many others, but we can not re invent systems to punish him.

x 1000.

The man is a nasty piece of work. Ain't called Fred The Shred for nothing. I know a couple of former senior people at RBS who got out before it hit the fan who could tell you a few stories.

His (and others) sheer greed is what got this country (and others) in the current mess we're barely fully in. All he was interested in was how much money he'd make and screw everyone else.

 

[MARKB]

The point is, the government should uphold all laws, including contract law. The sanctity of the law should not be broken to achieve political aims.

Once the government gets in the habit of changing laws to suite them, then we have bigger problems than the credit crunch.

Harriot Harmen talking about the "court of public opinion" taking precedent over our legislation is shocking. Following this lead we'll all be against the wall before too long.

 

[djchewie]

The point is, the government should uphold all laws, including contract law. The sanctity of the law should not be broken to achieve political aims.

Once the government gets in the habit of changing laws to suite them, then we have bigger problems than the credit crunch.

Harriot Harmen talking about the "court of public opinion" taking precedent over our legislation is shocking. Following this lead we'll all be against the wall before too long.

not laughing at you. laughing at the govt and all it will do in order to get another term.

 

[MARKB]

not laughing at you. laughing at the govt and all it will do in order to get another term.

I've always said on here when we've rowed about politics that they should stand by their decisions good and bad and take the flak / applause.

But this time there is so much buck passing it makes me sick. If they came out and said, "Look we missed this, we 've ****ed up as we were trying to move mountains quickly but ignored some detail. We're to blame"

Then everyone could move on. But what they are doing is ridiculous. EVERYONE is saying, "It wasn't me! I didn't know! no-one told me!" "It's Fred's fault he agreed o a massive pension"

Pathetic!

 

[macdonsj]

x 1000.

The man is a nasty piece of work. Ain't called Fred The Shred for nothing. I know a couple of former senior people at RBS who got out before it hit the fan who could tell you a few stories.

His (and others) sheer greed is what got this country (and others) in the current mess we're barely fully in. All he was interested in was how much money he'd make and screw everyone else.

true

RBS failed largely due to the decision to buy Abn-Ambro
a decision that, its appears, Goodwin took on the basis that he wanted to stop Barclays getting it