Prime Minister Gordon Brown is going after his pension:
THE banker who presided over the biggest loss in British corporate history last night defiantly refused to give up his £693,000- a-year pension in the face of extraordinary pressure from the top level of Government.
Sir Fred Goodwin is blamed for the collapse of the once-mighty Royal Bank of Scotland, which yesterday posted a record annual loss of £24.1bn and again was forced to rely on massive taxpayer support to ensure survival.
But the 50-year-old former chief executive nicknamed Fred The Shred has written to the Treasury indicating he will not give up his £16m retirement package despite the threat of legal action from the Prime Minister.
Last night his staunch refusal to give up his £693,000-a-year Royal Bank of Scotland pension was branded "unfortunate and unacceptable" by City minister Lord Myners. Read more