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February 27, 2009

that fred badwin pension pot — latest

Filed under: business,just whinging,politics — anne thrope (miss) @ 7:54 pm

so, information continues to trickle out about the obscene pension arrangements accorded to fred goodwin as he was booted out of the rbs group he had just led to the edge of disaster.

it seems that lord myners, the man safeguarding (i use the word loosely) the interests of the hard-pressed taxpayer, was just days into his appointment when he signed-off the offending package, so in fairness we should make allowances for his rookie status.

but just a minute: this is a man with a city career so sparkling you can probably see it from jupiter. his cv reads like a who’s who of british business.

having been forced to endure numerous top flight directorships including, notably at pension fund manager gartmore, where he was chief executive from 1985, rising to chairman in 1987 until 2001, we could probably expect him to have at least a working knowledge of the mysteries of the boardroom in general and of pension packages in particular.

sadly however it would appear that he failed to enquire whether goodwin’s proposed pension was to any extent discretionary, or was the subject of a binding contract, which it was not, and just rolled-over.

telling us now that he did not know about the discretionary element is simply not good enough. he’s paid to know. this leaves him, the government and the pissed-off taxpayer in an invidious position.

okay, i’m getting bored with this, not unreasonably, so for brevity:

myners > pathetic; money for old rope >> get lost.

brown > even more embarrassingly cack-handed than ever >> push-off now.

goodwin > thick-skin? bloody elephant hide surely? >> give the dough back or break out the flack-jacket and tin hat.

see ya, wouldn’t wanna be ya.

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