World's worst banker's £650k a year for life pension

[TW]Fox;13574894 said:
So you'd be happy if, towards the end of your career in whatever you do, you made a **** up and I said to you 'Say goodbye to your pension!'?

You'd kick off, and rightly so.
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What if that **** up nearly bought the company down? I don't think he could have many complaints if he didn't get that pension. Though can't say I blame him for taking it, he had it written in his contract so I don't see any reason for him to refuse, I know I wouldn't. Should also take into account that he did a lot of good things for the company as well.

Nobody would have guessed the world markets and economies would almost fall apart like they have in the last few years. This crisis in the banking industry is unprecedented and I wouldn't be surprised if nothing like this happens again in our lifetimes. A bit harsh to solely put the blame on him.
 
[TW]Fox;13575879 said:
Bitter, much? What do you do for a living? Are you really that disatisfied?
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Stick to the subject. My profession and my level of satisfaction is of as much relevance as yours. This is a thread about our thoroughly rotten culture at the top of corporate Britain and the consequences of failure.

http://www.telegraph.co.uk/finance/...r-Fred-Goodwins-pension-topped-up-to-16m.html

This just gets better and better, Goodwin's pension pot was doubled in 2008 to £16m. Sounds like somebody knew the **** was going to hit the fan.
 
I love the guy that earns £650k p.a. for doing bugger all at the age of 50! He's my hero tbh and I would love to be him when I'm 50! I have the utmost respect for him. Anyone saying different is just jealous.
 
Oxy said:
try to take as many risk within the law to maximise profits for the company
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Which is wrong, the thing you should be doing is taking ADEQUATE risks to get an ADEQUATE return; why risk it all for an extra 1bn for the bank if the 3bn the bank already made over the last year is enough?
 
Fox your logic of "work hard and and get paid well eventually" is flawed. Luck is also a huge factor of success in the city as is being in the right place and the right time.
 
Robbie G said:
I love the guy that earns £650k p.a. for doing bugger all at the age of 50! He's my hero tbh and I would love to be him when I'm 50! I have the utmost respect for him. Anyone saying different is just jealous.
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You have respect for a leech that is part of the reason why everyone's tax money had to go into saving his bank.

I have NO respect for him at all. If you respect him then you have something wrong in the head.
 
I think it is disgusting he can have a pension of this magnitude. There is so much wrong with this country and this only add's more fuel to the fire
 
Incidentally, would those who oppose this final salary pension also oppose those of the civil service (which are dramatically over market value and a massive black hole for taxpayers)?

If we think that taxpayer value is important, who is going to join the campaign for forcing more reasonable pensions from the civil service? (This is especially addressed to those complaining about this who work in the public sector).
 
I'm not going to argue whether he should keep the pension or not, if he can get it he should keep it. It is very usual for banks and multinational corporations for people in his position to get this kind of salary/pension.

HOWEVER; The government now owns a lot of the banks, has paid these banks billions of our money, and millions upon millions of that could effectively goto this man.
 
Skyfall said:
I'm not going to argue whether he should keep the pension or not, if he can get it he should keep it. It is very usual for banks and multinational corporations for people in his position to get this kind of salary/pension.

HOWEVER; The government now owns a lot of the banks, has paid these banks billions of our money, and millions upon millions of that could effectively goto this man.
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Tough.
 
scorza said:
http://news.bbc.co.uk/1/hi/business/7911532.stm

Sir Fred Goodwin, the guy who ruined RBS is drawing a £650,000 a year for life pension - he's only 50 years old. Does he have any shame at all?
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It certainly raises questions about the old excuse that "We offer the best pay because it ensures that we get the best people".

This guy is either massively corrupt or massively incompetent. Either way, I can't see how he's earned his £650k pa.
 
I like how everyone is pinning the blame for everything on one person, so lets look at the history should we, Fred Goodwin became CEO of RBS in 2001 (and hence was responsible for everything to ever happen from then till he left, obviously).

In 2001 to 2007 RBS made around £52 Billion profit (before tax admittedly), and now they've made a single loss of £24Bn (of which is largely down to the write-off of the ABN Amro stuff), so that leaves £28Bn that Mr Goodwin single handedly generated, and he's leaving with 16 Million, I'd say that's a good deal for RBS shareholders really...



On a slightly more serious note, it's not exactly great but the figures talked about aren't exactly massive compared to his (and other high end executives of banks) salaries/pension pots. Add to that the fact that one person is not to blame for a banks troubles, hell not even bankers in general are solely to blame for the banks troubles, yes they were greedy but the government let them and the general public were idiotic enough to grab every penny with both hands without thinking whether what they were borrowing was affordable or not...
 
I reckon he should give it back IF the shareholders who made a killing off the divi's/shares during hus reign give them back AND HM Treasury hands back the BILLIONS of £'s in taxation revenues they took from RBS in the years he was at the helm. Labour are being VERY VERY quiet about how much dosh they raked in over the years the banks were allowed to run free by the FSA.
 
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