It's pretty clear that Fred Goodwin shouldn't be drawing a £650,000 pension from RBS after his leadership brought the bank to its knees, racked up the biggest loss of any financial company in the UK and plunged shares down to the same price as a Sherbert Dib Dab.
That said, it is Fred's decision whether to take it or not and the current broo-ha-ha over the issue is detracting from the overall concern of how to safeguard jobs, stabilise the UK economy and get RBS back on its feet.
The pension is £650k and the insurance plan is £325bn. Let's keep things in perspective.
So hopefully the Government isn't taking its eye off the ball but given that the share price has bounced up to the cost of a Mars Bar one can only assume that today's news has been good overall.
Thursday, February 26, 2009
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6 comments:
ay off Fred - was was my chauffeur. My log expains my bizzare link
Your link is not the only thing that is bizarre. Have you been drinking? What's this business about a log?
Can you still get sherbet dib dabs? Not seen them for years! I'd rather have one of them than any RBS shares.
Hi Jeff,
Given the consequences for a business (or even an industry) of falling into debt with any of the banks, it seems particularly galling that such "reward for failure" should be so large. In a small business it seems that you are never more than two duff decisions away from disaster. I know personally of two peole who have lost their houses and everything to the banks when their business encountered a relatively small shortfall.
Also given the banks' intransigence in repaying illegal and immoral charges to its customers, why does the government not apply the same philospohy to Sir Fred's pension. Just refuse to pay it, and when he sues, appeal and when you loose that appeal, appeal again and then again. I'm sure they could keep going for ever. After all, its the banks' own strategy.
Regards,
Hi Rab,
I just think it absolutely misses the point of what we need to do to get out of this mess. Yes, we need to look at how much Chief Exexcutives get paid in the future but retrospectively going back and taking money back from people is the wrong way to go about business.
Fred was hired, did his faithful best but spectacularly cocked it up. I know people are angry and I do agree that Fred should return his pension but I just believe that it is entirely his decision.
Gordon Brown is going to look very daft indeed if he continues this campaign to get the pension back once everyone else is over it.
Furthermore, if there's a problem with how small business are funded then lets make changes via Government intervention. I don't see how scraping back some of Goodwin's vast fortune will make those former business owners you know feel any better.
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