Sir Fred and his pension deal

This was front page news in the UK last week. Sir Fred Goodwin the ex-CEO of RBS refusing to hand back any of the 693k a year pension he took when he left RBS with a 24 billion loss for Q4 2008.

The politicians who signed it off have now backflipped and asked him to give it back. Several prominent articles in the financial press agreed that he should give it back. He refused, quite rightly stating that they had signed it off 6 months ago so they are contractually obliged. So now we have these backflipping political scum trying to use the press to guilt trip him into giving it back.

Yes, it was a great deal for him, 50 something years old, effectively never having to work again. But I've got to say, there's not much more we know now, that we didn't know back then. Some stupid dumbarse politican was happy enough to agree it 6 months ago. And that is precisely why we find ourselves in this situation in the first place. Dumbarse politicans who had no clue what they were doing when they are meant to be providing the regulatory framework to govern the financial markets which provide the backbone to the real eocnomy.

Here's Fred's letter refusing to budge. And it seems the majority agree with him in this survey, a survey which includes RBS employees!!

I say that Lord Myners who gave his approval for Fred's package in the first place should resign. Instead these twats are threatening to introduce special laws to revoke his deal which is solid under existing contract law!! What implication that would have for business and economic freedom, I dont know.... but I reckon it would be disatrous. What a political risk that poses to the British economy I wonder.... But then again you have the USA across the pond which is, in my opinion, tipping the scale away from its roots of free market capitalism and slowly on its way to a country of junky State owned basically defunct semi government institutions!!

What a complete mess...