FairDooz Posted January 21, 2012 Share Posted January 21, 2012 They did not "let him" keep his pension. There were no legal grounds to remove it, so they didn't have any say in the matter. It's one area where the law needs changing. Rewards for massive failure should not be allowed to stand. Link to comment Share on other sites More sharing options...
grafikhaus74 Posted January 21, 2012 Share Posted January 21, 2012 Lord Coe? Or perhaps you need to be able to run fast to be a Lord. 'Services to landing us with a £13Bn debt and a load of white elephants France didn't want?' Link to comment Share on other sites More sharing options...
Cyclone Posted January 21, 2012 Share Posted January 21, 2012 It's one area where the law needs changing. Rewards for massive failure should not be allowed to stand. A pension is not a reward for anything, it's part of a contract that was formed. I suppose pension contributions from the company could be linked to performance, but you can't make a change like that after the fact. Link to comment Share on other sites More sharing options...
FairDooz Posted January 21, 2012 Share Posted January 21, 2012 OK. It may be the case that nothing could be done legally in retrospect with Sir Fred Goodwin's pension pot. (What are the facts? 50 years old, £416,000 per year?) It's not clear whether you approve or disapprove of this situation, or are merely stating a fact. I strongly disapprove. I don't have any problem with rewarding success appropriately and proportionately. The situation with Fred Goodwin is a scandal even if legal. Every effort should be made to prevent further such scandals. If you work hard, excercise good judgement, take a few risks and guide a company to success then fair enough. Good leadership is a rare commodity. If as a result of your poor judgement you bring your company to its knees, then you have no right to expect higher rewards than most people can only dream of, no matter how hard they work and contribute to the success of a company. http://www.thisismoney.co.uk/money/news/article-2071834/Royal-Bank-Scotland-diligence-ABN-49bn-deal-minimal.html It's hard to imagine the scale of incompetence involved. There was one interview where Fred Goodwin and his deputy were answering questions about the takeover. They implied that full due diligence was not necessary because others were interested in buying ABN and obviously they would have done their due diligence. http://www.ecademy.com/node.php?id=171242 Link to comment Share on other sites More sharing options...
HeadingNorth Posted January 21, 2012 Share Posted January 21, 2012 The situation with Fred Goodwin is a scandal even if legal. Every effort should be made to prevent further such scandals. On that score, I agree with you entirely. As for stripping him of his knighthood, I can see an argument for that - since it's now obvious that he was helping to wreck banking, not benefiting it - but I'm not convinced it's a good idea. As for relieving him of his pension, no. By all means change laws so that it can't happen again, but passing any retroactive law is a far worse affront to society, than some useless article who persuaded us he was a great banker sneaking off with half a million quid a year. Link to comment Share on other sites More sharing options...
purdy Posted January 21, 2012 Share Posted January 21, 2012 Someone must have thought him worthy of a knighthood. The guy agreed his pension as part of his contract of employment. But some dick head in government actually decided he was worth giving the honours. Link to comment Share on other sites More sharing options...
choogling Posted January 21, 2012 Share Posted January 21, 2012 On that score, I agree with you entirely. As for stripping him of his knighthood, I can see an argument for that - since it's now obvious that he was helping to wreck banking, not benefiting it - but I'm not convinced it's a good idea. As for relieving him of his pension, no. By all means change laws so that it can't happen again, but passing any retroactive law is a far worse affront to society, than some useless article who persuaded us he was a great banker sneaking off with half a million quid a year. What about charging him with false accounting or obtaining money by deception or gross negligence.And then claim damages i'm sure a good copper could find something he has done wrong. Link to comment Share on other sites More sharing options...
HeadingNorth Posted January 21, 2012 Share Posted January 21, 2012 What about charging him with false accounting or obtaining money by deception or gross negligence.And then claim damages i'm sure a good copper could find something he has done wrong. I doubt it; most or all of the things that brought RBS to ruin were perfectly okay under financial law. By all means an auditor could be sent in with a fine-tooth comb; but it's been a few years now, will the records still exist? Link to comment Share on other sites More sharing options...
choogling Posted January 21, 2012 Share Posted January 21, 2012 It seems that Miliband thinks it a good idea to strip Fred Goodwin of his knighthood only a few days after the government announced it was looking to do just that. http://www.bbc.co.uk/news/uk-politics-16645824 Labour leader Ed Miliband has said, in retrospect, it was "clearly wrong" for former Royal Bank of Scotland chief Fred Goodwin to be knighted. Sir Fred, heavily criticised over the bank's near collapse, was honoured for "services to banking" under the previous Labour government in 2004. Achievement comes in many forms but honours committees are looking for someone who has made a difference in their field of work or community. Honours can be awarded for all sorts of work - paid or unpaid - but you or your nominee must still be involved in the activity for which they are nominated. Before your nomination is made, ask yourself the following questions. Has the nominee: • made a difference to their community or field of work? • brought distinction to British life and enhanced its reputation? • exemplified the best sustained and selfless voluntary service? • demonstrated innovation and entrepreneurship? • carried the respect of their peers? • changed things, with an emphasis on achievement? • improved the lot of those less able to help themselves? • displayed moral courage and vision in making and delivering tough choices? how many positive yes scores does he get , i cant see any. Link to comment Share on other sites More sharing options...
FairDooz Posted January 21, 2012 Share Posted January 21, 2012 What about charging him with false accounting or obtaining money by deception or gross negligence.And then claim damages i'm sure a good copper could find something he has done wrong. The FSA has already reported on the takeover of ABN AMRO which ultimately led to the collapse of RBS. The “due diligence conducted in relation to the ABN AMRO acquisition was insufficient and inadequate in relation to the risks involved” http://friendlycorporatepsl.co.uk/2011/12/12/fsa-report-on-the-failure-of-rbs-due-diligence-on-the-abn-amro-acqiuisition/ Seems that they didn't do their job to the extent that the company collapsed. By their failings and misjudgements their company hit the rocks and went down. Why they are not being held responsible in the same way as the captain of the Costa Concordia I have no idea. Link to comment Share on other sites More sharing options...
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