Should Fred keep his pension?

[Scottish Business Owner]

I'm sure we've all caught a bit of this news story over the past week regarding Sir Fred Goodwin and his £650,000 per year pension.

I'm pretty sure most on here will find this obscene but my question is should he keep this pension or should the government step in and and take as much of this back as they possibly can?

If you were in Fred's shoes do you think you could actually reconcile your conscience with holding onto this whileten of thousands of workers face the chop? :cursing:

 

[Power Lunch Club]

I'm sure we've all caught a bit of this news story over the past week regarding Sir Fred Goodwin and his £650,000 per year pension.

I'm pretty sure most on here will find this obscene but my question is should he keep this pension or should the government step in and and take as much of this back as they possibly can?

If you were in Fred's shoes do you think you could actually reconcile your conscience with holding onto this whileten of thousands of workers face the chop? :cursing:

It is an obscene amount of money...but I can't help feel that it's a smoke screen that Gordon Brown doesn't mind just now....as it keeps the focus off the other disasters that we call banks.

I wonder what the arrangements for these other bankers are?

 

[shredder]

Is everyone concerned about this because we all think its just too much money? I have a suspicion that its "obscene" because its more than we currently earn ourselves. I bet if everyone complaining were asked what the right amount of pension is they would reply that it was the same as their own pension. Maybe we are all just a bit envious.

Most of Sir Freds pension would have been earned before the current crisis when he was being hailed as a superstar by the politicians and when they gave him a knighthood, why should he hand it back. I wouldn't.

If the Government sets precedent that they can take away someone's assets at any given time in line with the popular mood where would that leave us ? Maybe every outgoing prime minister would have to hand back their pension and salary earned from when they were in office. Maybe every outgoing football player or manager would have to hand over their houses cars and bank balances when they drummed out of their club should the fans demand they are removed for bad performance.

 

[Adventurelife]

I agree it is obscene, but he should not be forced to hand it back. Once that has got through the courts the legal profession are going to go into overdrive and it will go down the pay scales quickly.

Going forward these issues need sorted at the contract making point not after the event.

GB and the rest of the government are making huge capital about blaming the banks and it is helping to keep the focus of them.

Have you seen the pensions of MP's and ministers, even after short periods of service?

Peter

 

[Scottish Business Owner]

Some of the points above are very well made and to a certain extent I also feel it's being used as a smokescreen to take the spotlight off the government and I agree also that it's a very dangerous route to go down taking back what people were contractually entitled to.

I also dont doubt that Mr Goodwin was indeed good at his job for a period of time at RBS but I think he went to far and conceded himself that the ABN Amro deal was just a step too far. He was as far as i'm aware a big advocate of this deal, a deal which has nearly destroyed RBS. My main issue is the fact that he's not being held accountable for this and walking away with such a massive pension doesn't help.

There is a wider issue here I accept and you could probably think of 50 situations where people have not been held accountable for similar things both here and around the world. Am I wrong to expect people to be held accountable?

 

[Brian McIntosh]

From what i've read in the media, his pension is above board and had been agreed with Government Ministers. I agree with everyone else, it's absolutely obscene and should never have been passed but as Alison says, if the Government start to change the rules just because something doesn't suit them, where will it all end?

 

[DickW]

What I find even more appalling is the utter hypocrisy of Brown and Darling. It's not that long ago when they were applauding the financial services sector in sector and RBS and Fred Goodwin in particular.