Quote of the day
“I am told that the topic of my pension was specifically raised with you by both the chairman of the group remuneration committee and the group chairman, and you indicated that you were aware of my entitlement and that no further “gestures” would be required.”
- an extract from a letter allegedly sent by Sir Fred Goodwin to Lord Myners, Gordon Brown’s minister for the City, stating that Lord Myners personally agreed an £8 million increase in his pension pot when he stood down last October (full story HERE)
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It has, of course, been pointed out that The £690k is only payable for life. Perhaps Sir Fred should be made aware that accidents happen, car breaks fail and that, sometimes, life is cut ‘tragically’ short.
Like most in authority now,the man has no morals.No one is worth that amount of pension,it’s obscene.A third of that would allow him to live comfortably,especially as he is bound to have huge investments and savings suitably protected.
How does he feel about all those shareholders who lost money invested for retirment,not all were big investors.
An accident would indeed be terrible.
DMC, not sure about no-one being worth that pension. I have no problem with someone who performs amazingly for a bank getting loads of money in return, but I am completely baffled that someone who brought down one of the largest organisations in the UK didn’t have something in his contract which stopped him from getting generous renumeration if he screwed up.
Originally I was set against this process of nationalising the banks. But as Sir Fred has demonstrated, politicians have a lot to learn from the private sector.
To think that I was satisfied by a new power shower and an electric garage door and other sundry items here and there. Now I have seen how things could be done I rather think this bailout fad may be a cause for celebration after all.
LFAT,I’m looking at this from the man in the streets veiw.His 1 yr pension is equal to 50yrs wage for me and that is b****y obscene.It’s a god job he doesn’t live round here judging from work canteen comments.The divide between rich and poor has widened under this government.I would feel rich on 20 grand a year,chicken feed to you lot.
Don’t get me wrong, it makes me so angry that this guy has got away with it – but he has. If his employers weren’t smart enough to put penalty clauses for crap performance in his contract, there is nothing we can (or should) do about it apart from cry foul play.
I’m sure that this story is rolling on because the Labour “spinners” want it to, irrespective of final outcome. While the country is in the mood for blaming bankers, stoking up that feeling and keeping the spotlight off the inadequacies – or deliberate chicanery – of Brown and Mandelson during the takeover by Lloyds, they will take advantage of it. If extended long enough it could turn into the permanent mindset of the public.
Brown has said today that “he shares our anger”. Could he share our anger on the matter of public servants and their unearned and unjustified bonuses, which in total must come to a lot more than Goodwin’s pension?
Agreed Mike,the whole systems rotten.
If his employers weren’t smart enough to put penalty clauses for crap performance in his contract, there is nothing we can (or should) do about it apart from cry foul play.
Hmm, as Chairman of the Board you’d expect him to have a lot of influence over how the Board voted on remuneration issues. If they were similarly well rewarded, they’d just stuck together and rubber stamp said big package for everyone. No mystery, just lemmings heading over the cliff, driven by fear at the rear and avarice at the front…