said inanother thread its very very quiet about REAL peoples pensions , endowments etc
who will pay ? tax must go up not just a few pence either. Money to the NHS , benefits will be cut ----------------still dear old Fred The Shread will be fine wont he.
You can call it a pension, you can call it aunty mary. It was a pay-off that was agreed by the board and the government - which at the time was discretionary. They should have probably sacked him on the basis of the calamity that happened but they didn't they opted to pay him off. That happened in the past and is done and dusted and there wasn't any tie ins attached to it. Can't understand why people are struggling with this.
And in answer to the point that people should actually pay their debts back and not borrow outside of their means with a single example of some really dumb lending, is silly. When the Banks weren't giveing mortgages it was all "ooh big bad banks won't give me a million pounds".
I would string up the current government on this though, having previously supported them. Trying to get yourself out of a deep pool of shit caused by people overspending and borrowing outside of their means, by encouraging the banks to keep on lending and people to keep on spending, is the stupidest thing I've ever heard since somebody actually ttempted to fight fire with fire.
Slightly changing the emphasis, but someone told me that about 25% of your council tax, goes straight into the councils pension pot. Does anyone know if this is correct? It does also grate with me that the MP's up in arms about banks remuneration packages vote to keep their excessive expenses, employ their wives as researchers/secretaries for a hefty wedge of money, and generally enjoy the Westminster gravy train. And as for the MEP's, well, lets not get started on that.
So we now know from the Treasury Select Committee that what was wanted by the RBS Board was a smooth transition at the top of RBS.
So what was wrong with Sir Fred saying yep I have got us into an awful mess here I agree I resign. Gets his full pension entitlement that he has 'earned' payable from age 60 and his share options (presumably). No need for any pay off or enhanced pension terms (above those already in his contract for Senior Exec).
But no to achieve this smooth handover he has to be 'asked to leave'. And the cost of those words is somewhere between £8m and £17m depending on how you assess it.
"Not too bad Fredster, but I have to talk to you about the pigs ear you have made of this CEO mularky"
[Giggles] "Oh yeah, that... oops..."
"Well listen mate, we have to sort something out"
"Well I'm buggered if I am walking Gordy."
"No, no, no... don't be daft, that idea went out with Captain Oates [laughs]...
here is what we will do. We give you the old tin tack, and you "negotiate" a
whacking great pension pay off, say 700 grand a year... no tell you what,
make it some odd sum like... 703 grand, so it looks more like there was
some actual dealing going on, you know the sort of thing..."
" Hey, you are talking to the man who wrote the book matey... [chuckles]"
"Yeah, too right you sly old fox! Any road up, what happens is this; a while later we kick up a stink about being outraged about it, or something... you stand your ground, so we threaten to change the law. You then agree to a cut to something like, err... I dunno... 550 grand. You end up looking better, we look like we give a shit, you are still quids in, and you can disappear to the Bahamas for a year while it all dies down. Wadda ya think?"
"Sounds like a winner to me Gordy, I'm on."
"Great stuff. See you at Al's Dom Pom and Beluga party at the weekend?"
"Wouldn't miss it for the world, do you want me to send my helicopter to pick you up?"
"No it's okay, I'm walking all over the working classes to get there..."
[cite]Posted By: Goonerhater[/cite]burn him
then no pension
I initially read this as "bum him" which would be too harsh IMO
Mmmmm Lady Goodwin will then get a lump sum of around £3.5m and probably about £450kpa for life. And if there are any kids underage 22 they will probably collect too iro of £90k pa each.
[cite]Posted By: Goonerhater[/cite]burn him
then no pension
I initially read this as "bum him" which would be too harsh IMO
Mmmmm Lady Goodwin will then get a lump sum of around £3.5m and probably about £450kpa for life. And if there are any kids underage 22 they will probably collect too iro of £90k pa each.
Buming the kids surely isn't an option though? Regardless of what their dad did
Youre quite right Mort. I dont have anything against Sir Fred or his family and wouldnt wish ill on them at all.
I just hate this culture of reward for failure that exists at the top. In a previous life I did work on similar deals and for the top guys all strings were pulled to maximise the pensions package mainly because the headline costs could be hidden.
Comments
Maybe we should be careful what we wish for .... ?
who will pay ? tax must go up not just a few pence either. Money to the NHS , benefits will be cut ----------------still dear old Fred The Shread will be fine wont he.
Assuming Lady Goodwin is protected to the hilt as well the total market cost of this package is around £27.6m.
And the RBS Board have approved this on a discretionary basis with what assets?
And in answer to the point that people should actually pay their debts back and not borrow outside of their means with a single example of some really dumb lending, is silly. When the Banks weren't giveing mortgages it was all "ooh big bad banks won't give me a million pounds".
I would string up the current government on this though, having previously supported them. Trying to get yourself out of a deep pool of shit caused by people overspending and borrowing outside of their means, by encouraging the banks to keep on lending and people to keep on spending, is the stupidest thing I've ever heard since somebody actually ttempted to fight fire with fire.
So what was wrong with Sir Fred saying yep I have got us into an awful mess here I agree I resign. Gets his full pension entitlement that he has 'earned' payable from age 60 and his share options (presumably). No need for any pay off or enhanced pension terms (above those already in his contract for Senior Exec).
But no to achieve this smooth handover he has to be 'asked to leave'. And the cost of those words is somewhere between £8m and £17m depending on how you assess it.
How very honourable and very smooth.
"Hello you old sweaty, how's it going?"
"Not too bad Fredster, but I have to talk to you about the pigs ear you have made of this CEO mularky"
[Giggles] "Oh yeah, that... oops..."
"Well listen mate, we have to sort something out"
"Well I'm buggered if I am walking Gordy."
"No, no, no... don't be daft, that idea went out with Captain Oates [laughs]...
here is what we will do. We give you the old tin tack, and you "negotiate" a
whacking great pension pay off, say 700 grand a year... no tell you what,
make it some odd sum like... 703 grand, so it looks more like there was
some actual dealing going on, you know the sort of thing..."
" Hey, you are talking to the man who wrote the book matey... [chuckles]"
"Yeah, too right you sly old fox! Any road up, what happens is this; a while later we kick up a stink about being outraged about it, or something... you stand your ground, so we threaten to change the law. You then agree to a cut to something like, err... I dunno... 550 grand. You end up looking better, we look like we give a shit, you are still quids in, and you can disappear to the Bahamas for a year while it all dies down. Wadda ya think?"
"Sounds like a winner to me Gordy, I'm on."
"Great stuff. See you at Al's Dom Pom and Beluga party at the weekend?"
"Wouldn't miss it for the world, do you want me to send my helicopter to pick you up?"
"No it's okay, I'm walking all over the working classes to get there..."
[Both dissolve into fits of laughter] - fade.
I initially read this as "bum him" which would be too harsh IMO
Mmmmm Lady Goodwin will then get a lump sum of around £3.5m and probably about £450kpa for life. And if there are any kids underage 22 they will probably collect too iro of £90k pa each.
build a bonfire
put the bankers on the top
put the Millwall in the middle
and burn the fecking lot
result.
Buming the kids surely isn't an option though? Regardless of what their dad did
I just hate this culture of reward for failure that exists at the top. In a previous life I did work on similar deals and for the top guys all strings were pulled to maximise the pensions package mainly because the headline costs could be hidden.