“Sir Fred” Goodwin, the man whose ego and greed drove him to try to expand the Royal Bank of Scotland into one of the big boys and instead brought it to ruin, is getting a $million pension per year, for life. He’s only 50, so unless an angry former employee or shareholder prevents it, he should live to collect a tidy sum. Asked to return at least part of that money, Sir Fred told the Brits to pound sand. He can’t say he earned it but I suppose possession being 9/10 of the law and all that ….
“There is a sense of fury that the government seems impotent, unable to act when the man chiefly responsible for the bank’s collapse is able to walk away with a pension that others can only dream of — and at the ripe old age of 50!” said Dave Pickering, a spokesman for the Edinburgh Association of Community Councils, in an email. “And what makes it worse is that we, the British taxpayers, are actually paying for it!”
A friend of mine who spent 40 years with RBS lost his job Sunday as the direct result of Freddie G’s deluded schemes. I imagine he’d appreciate receiving just a small portion of the man’s pension.