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March 3, 2009

Government targets Sir Fred’s pension pot

by Richard Kilner

Story link: Government targets Sir Fred’s pension pot

Harriet Harman MP, deputy leader of the Labour Party, told the BBC at the weekend that Sir Fred Goodwin, erstwhile CEO of RBS and recipient of a £693,000 a year pension, should not count on keeping his full pension.

Speaking on The Politics Show Harman stated that the situation was unacceptable in the court of public opinion, and indicated that the government would take steps to claw the money back from Sir Fred Goodwin, who has become something of a pariah due to media and popular outrage.

During his tenure Sir Fred Goodwin led the Royal Bank of Scotland to the brink of collapse, including the spectacularly inept £100bn purchase of Dutch Bank ABN Amro which has been responsible for a large part of the bank’s £24bn losses, the largest in British corporate history.

For his part Sir Fred has insisted that the pension deal was signed off by Lord Myners, the City Minister, and has refused point blank to voluntarily cede a penny of his pension.

Prime Minister Gordon Brown, who is in America to meet President Obama, has said that the Government is looking at every legal avenue in a bid to pursue the money.

However, given the possibility that a minister signed off on the generous pension it seems unlikely that much, if any, of the money will be clawed back.

 

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