Friday, February 27, 2009

Britain's Greedy Banker Fred The Shred Goodwin

Fred the Shred refuses to give up his nearly $1 million (in U.S. dollars) a year pension after busting his bank that the taxpayers bailed out. Sound familiar. It looks like greedy bankers around the world conspired to make themselves rich.
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