A couple of weeks ago the nation, well the media, were outraged by the size of Sir Fred Goodwin’s pension, negotiated under the very noses of Cabimet Ministers. Harriet Harman announced that the government would claw some of the money back, but alas this was not possible. One correspondent to The Times suggested that perhaps Fred’s pension could be made up of Toxic Assets that his bank took on under his guidance, nice idea but you know it’s not going to work.
An altogether more trusting and understanding chap suggested that Sir Fred might possibly wish to renounce some of his vast rewards for bringing a respected institution to its knees.
A fine example of Hope over Experience there, Sir Fred is a money grabbing, blood sucking leech who cares not one fig for anyone else so long as he’s alright Jack. Well you knew that anyway, he’s a banker.
And there’s the rub,because it is still bankers and city slickers who are in charge. At yesterday’s Treasury Select Committee’s inquiry into the RBS bailout and Sir Fred’s pension, Lord Myners uttered these words which should strike fear into every investor and taxpayers heart.
“One has to admire, in a non-approving sense, the dexterity of Sir Fred Goodwin in respect of his own contract.”
And obviously not spoken out loud, but thought all the same, ” I just hope I can do as well when it is my turn.”
A Finance Broker
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Which way will the crsis go? Is it 1929 or 1989 all over again. Or is it something new.
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