Tag Archives: fred goodwin

Fred Goodwin gets super-injunction that even stops him being called a banker

The Independent reports:

Sir Fred Goodwin, the former chief executive of the Royal Bank of Scotland who became a focal point for anger over the financial crisis, has obtained a super-injunction banning the media from identifying him as a banker.

The existence of the super-injunction was revealed today by John Hemming, a back-bench Liberal Democrat MP who tabled a question in Parliament about the gagging order.

Normally the media is forbidden from even reporting that a super-injunction exists but Parliamentary privilege allows MPs to speak on the floor of the House of Commons without risk of prosecution.

Posted in News | Also tagged | 9 Comments

The LDV 2×2 Daily View (15/5/09)

Our daily review and preview of the day’s big stories…

2 Big Stories

MPs’ expenses dominate the headlines … again

Another day, another bleak day for Parliamentary politics. Former Agriculture minister Elliot Morley was suspended from the Labour party for claiming £16,000 in expenses on a mortgage he had paid off. Meanwhile, Andrew MacKay, a senior aide to Tory leader David Cameron, resigned after claiming tens of thousands of pounds in second-home expenses on a London property that his wife, Tory MP Julie Kirkbride, designated as her main home. And as if that wasn’t enough, the House of Lords took the exceptional step …

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Opinion: We will continue to reward failure in our banks, until we reform severance pay

Large potential severance payments continue to be built into the executive pay packages of directors of the newly nationalized UK banks. If the banking system is to be reformed, we must make make executives truly responsible for the decisions they take.

Bankers used to justify their disproportionately large paychecks and bonuses by arguing that they took on exceptional amounts of risk in their pay. Bankers were paid a large proportion of their income in shares, which reflected the value of the bank. If they did not perform, neither would their companies and neither would their shares. In short, bankers …

Posted in Op-eds | Also tagged and | 6 Comments

LDV readers say: government should stick by pension promise to Sir Fred

Two weeks ago – at the height of the political storm surrounding RBS’s Sir Fred Goodwin’s £693,000 £703,000 a year pension pay-out – LDV asked our readers: How do you think the issue of Sir Fred Goodwin’s RBS pension should be resolved?

Here’s what you said:

>> 15% (45 votes): The government should legislate to claw back a large part of Sir Fred’s pension
>> 29% (89): The government should instruct that Sir Fred be paid a minimum amount, and he should sue if he wants his full entitlement.
>> 52% (160): The government should abide by the agreement entered

Posted in Voice polls | 1 Comment

NEW POLL: How do you solve a problem like Sir Fred?

The debate has raged all over the weekend about what exactly the Government should do (if anything) about the £650,000 per year pension to which Sir Fred Goodwin, former chief executive of RBS, is entitled thanks to a deal struck with the bank’s board and later sanctioned by the government when it became a majority owner.

Labour’s deputy leader Harriet Harman provoked a media storm when she suggested that the government might introduce legislation specifically to claw back a large part of Sir Fred’s pension. Meanwhile, Lib Dem deputy leader Vince Cable has put forward his own proposal: …

Posted in Voice polls | Also tagged and | 10 Comments

Vince on Sir Fred Goodwin

As we have come to relish and expect, Lib Dem deputy leader Vince Cable – who is acting party leader during Nick Clegg’s fortnight’s paternity leave – has been dispensing his wisdom on the current furore surrounding the £650,000 a year pension of RBS’s former chief Sir Fred Goodwin sanctioned a few months ago by Labour’s business minister Lord Myners.

Vince’s official statement yesterday made clear his view that Sir Fred should expect to lose £623,000 a year of his pension benefit without any need at all to adopt Harriet Harman’s proposed retrospective legislation:

Nobody disputes that Sir Fred

Posted in News | Also tagged | 5 Comments

Join the campaign to Shred John Prescott’s £1.5m Pension

Today the Government, in the person of Harriet Harman, announced it would legislate retrospectively to terminate Sir Fred Goodwin’s £650,000 a year pension, five months after Labour business minister Lord Myners agreed to the deal. I don’t always agree with the Telegraph’s Jeff Randall, but I think he’s bang-on-the-money with this judgement, written even before Ms Harman’s latest desperate attempts to extricate Labour from the hole into which they’ve dug themselves:

Once we set off down the road to annulling pension contracts, who knows where the journey will end. Nobody, to my knowledge, is claiming that Sir Fred had

Posted in LDV campaigns, News and Op-eds | Also tagged and | 25 Comments

Opinion: Is the Fuhrerprinzip* the new basis for governing Britain?

The latest round in the Sir Fred Goodwin saga contains possibly the most astonishing statement yet to emerge from a senior Government Minister:

The prime minister has said that it is not acceptable and therefore it will not be accepted,”
Harriet Harman

This is part of the Government now talking about retrospectively changing the law to deprive Sir Fred Goodwin of his pension. The law, and acts legal at the time, will be subject to revision subject to the Prime Minister’s definition of acceptability.

Retrospective legislation is always dubious. Better historians than me may be able to correct me, but …

Posted in Op-eds | Also tagged and | 4 Comments

How much is £693,000 a year?

£693,000 a year is what Sir Fred Goodwin is getting from his RBS pension.* That works out at a shade over £13,300 each week. By comparison, Blackpool Council has just advertised for an administrator to work in their social services department (a pretty important role to my mind given how often it turns out administration has gone wrong when a tragic case comes to light). It will be paying around the same with only two small differences. What Sir Fred gets each week, the administrator gets a year – and Sir Fred doesn’t have to do anything for his money.

* …

Posted in News | Also tagged | 13 Comments
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