Who cares, honestly, it’s time for revolution. The system is crooked and we have ‘zero’ representation.

Frankly, if you invested in a bank, guess what shares go up as well as down, you **** up, you lost. There should be no safety net for investors, just depositors. And that’s the rub, all they’ve done is prop the banks up enough for them to continue trading and to hold the share value as best as they can. The didn’t do it to secure depositors funds. The could have done that for much less.

let the free market be free…

On the Sir Fred point why shouldn’t he keep his pension, he’s worked for it all his life (it’s a pot).

Which is a good point which many seem to miss. However from what I’ve read RBS put in a bit over half of the value of his pension fund after he left in October. I’m quite happy for him to keep all the pre-RBS pension – what rankles is that £8m which he’s got for doing a rubbish job.

The issue here IMO is the deterrent effect. Fast forward 20 years, boss of bank thinks “Shall I be prudent, or risk it all to try and make lots of money (and so get a lovely big bonus)? Well last time it all went tits up the government bailed the banks out and the top people who screwed up got big pension pay-offs, so there’s not really any downside…”

As above. He’d already built up a pension pot of £8m, to which he would be entitled at age 60. This was all according to his contract of employment. A further discretionary £8m was then added, AND he was allowed to retire (and hence start drawing that pension) immediately. I guess it was a fair bet he’d be struggling to find other employment for the next 10 years…..

I guess it was a fair bet he’d be struggling to find other employment for the next 10 years…..

Oh I don’t know, old boys directorship merry go rounds and all that. What’s the betting he’s sitting on a few boards in 5 years or so time?

Don’t really have a problem with him retiring early on the original £8m either – I presume the pension has been appropriately actuarially reduced?

I guess it was a fair bet he’d be struggling to find other employment for the next 10 years…..

Why ?

Surely with the correct re-training he has excellent prospects of finding re-employment ?
Or does he suffer from a disability which makes this impracticable ?

I guess it was a fair bet he’d be struggling to find other employment for the next 10 years…..

Really? Andy Hornby, who did pretty much the same job for HBOS as Fred did for RBS is currently struggling to get by on £60k a month as a consultant to Lloyds TSB.

I heard on Radio 4 today that if he’d had to buy in to this level of pension, that it would have cost 24 million pounds!!!!! His wife is also getting a big payoff, and their combined pensions would cost as a buy-in 28 million pounds! 😯

Makes my blood boil isn’t even close! Mo’ Fo’s!!!! Deserved it HAH! Borrocks. To borrow a line from Johnny Dangerously, “Fargin Bastij’s, they all Fargin’ Bastij’s!”

LJ <<Harrummpphh.>>

Eek – irony bypass in progress….

My comment about him finding it difficult to get another job wasn’t trying to justify the extra £8m. Actually, wasn’t he being lined up to take over F1 at one point?

And Andy Hornbys consultancy contract “only” lasted 6 weeks – do try to keep up at the back 🙂

Incredible stuff from the Nu Labour sycophants

Gordon and Tony were great but, now it’s the bankers fault?!

Point of order Gordon and Tony took over the most economic efficient country in the world, never deviated from the Tory plans for four years. Put in place there own economic plans/regulation, then made us the 5th most likely country in the world to default on our CDS/Sovereign Debt

took over the most economic efficient country in the world

LOL !

Incredible stuff from the Nu Labour sycophants

Who are they?