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trogladite
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« on: Friday, February 27, 2009, 08:50:09 » |
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I find it sad that a proffesional like Sir Fred should be hounded out of his £700,000 ayear pension just because he was incompetent.
This sir, is the thin end of the wedge.
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chalkies_shorts
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« Reply #1 on: Friday, February 27, 2009, 08:56:23 » |
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Agreed. He worked hard for that - taking a profitable company into £24bn debit and the loss of over 20,000 jobs. If we look at it, if he'd done jack he probably couldn't have done that, so he must have worked at it. Stirling work.
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BANGKOK RED
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« Reply #2 on: Friday, February 27, 2009, 09:11:56 » |
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I'm incompetent and I don't/won't get a 700k/year pension either.
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Colin Todd
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« Reply #3 on: Friday, February 27, 2009, 09:21:47 » |
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I'm incompetent and I don't/won't get a 700k/year pension either.
likewise. |
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Batch
Not a Batch
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« Reply #4 on: Friday, February 27, 2009, 09:27:41 » |
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Fred the shred is entitled to it. He's is undeserving of it.
Assuming its a 'normal' pension, you and I wouldn't lose our pension if we were sacked/rubbish.
That said, I won't shed a tear if he loses it.
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Summerof69
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« Reply #5 on: Friday, February 27, 2009, 09:28:14 » |
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Not just Sir Fred that shouldn't get his pension and the other dodgy bankers. What about our 'glorious' leader Gordy Brooon. He was responsible for the lack of regulation, and at the same time taxed yours and my pensions to the hilt, and now the country has debts approaching £2trillion.
Only fair that he and his cabinet give up his as well.
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sheepshagger
Suburban Capitalist........
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« Reply #6 on: Friday, February 27, 2009, 09:50:47 » |
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May well be a controvertial post here - but I think he should get his pension - and should stop being made the fall guy...
Fact is that he also resided over many billions in profit that the bank made. His takeover of ABN was done in a different economic climate and was a good deal at the time...
The GLOBAL recession has killed that - but let's be fair it was hardly Fred's doing !
Gordon Wanky Brown has far more to answer for - after all it was HIS policies that have helped to put us in this mess - but have we had even 1 apology from the Scottish tosser - of course not !!!
However even he escapes some criticism - as ultimately it was more what happened in the USA that has dragged everyone into this mess.......
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Wise men say........
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Batch
Not a Batch
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« Reply #7 on: Friday, February 27, 2009, 09:59:31 » |
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The GLOBAL recession has killed that - but let's be fair it was hardly Fred's doing !
That's not strictly true though. He IS part of the reason the global recession happened. He and other Fred equivalents in banking were the men in charge who allowed free rain when the sub-prime was seemingly affluent. Yeah, the highs wouldn't have been so high if he and his contemporaries kept a tighter control on what their staff were doing, but the lows wouldn't be the disaster they are now either. The government should have regulated things better, but the financial institutions should have had a grip on their risk management. |
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sheepshagger
Suburban Capitalist........
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« Reply #8 on: Friday, February 27, 2009, 10:05:56 » |
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Agreed - but it's not his fault alone.
Fact is when the government bailed RBS out they knew exactly what Fred's pension was and didn't say a word about it at the time -- it's hardly fair to pull him up on it now and try to block it....
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Wise men say........
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Colin Todd
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« Reply #9 on: Friday, February 27, 2009, 10:21:37 » |
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The Government look pretty fucking stupid about this. Seemingly they didnt check the small print regarding his departure and the small matter of the £650k a year pension. Now they want to do something about it but cant.
Theres no way the bloke deserves it but I'd be inclind to keep it in his position too as a big fuck you to the government that is trying to make him a scapegoat (he's not blameless mind) when the goverments own fuck ups are far more responsible for the situation, not least that they allowed him to keep the pension in the 1st place.
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Samdy Gray
Dirty sneaky traitor weasel
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« Reply #10 on: Friday, February 27, 2009, 10:23:13 » |
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The government should have regulated things better, but the financial institutions should have had a grip on their risk management. It's a fair enough point and obviously the media have been all over it for a year or so now, but how were the banks and the state supposed to model for a scenario that had never happened before? I saw some programme on BBC2 late last year about hedge funds which was about risk management. One hedge fund in Canada was supposed to be cutting edge in that they'd got a couple of maths geeks to build a complex risk model that would allow them to see risks and opportunities before anyone else. For months it worked and they were making millions in profit every day, but all it took was some small misdemeanour in Russia which not even their computer system could model for and they lost everything within the space of a couple of hours. Conversely, they also interviewed a hedge fund manager in London who predicted the slump in the sub-prime mortgage market and whilst everyone else suffered last year, he earnt £24 million. If Freddy boys pension was agreed in his contract then he's entitled to it and I think it's extremely harsh to take it away from him because he didn't have the foresight (like almost everybody else in the banking industry) to see that the market was going tits up. |
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Ardiles
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« Reply #11 on: Friday, February 27, 2009, 10:26:42 » |
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Legally, he's clearly entitled to it.
Morally, he should nationalise his personal assets (except perhaps the roof over his head...I'd give him that much) and take up a job in B&Q for the next 20 years to support himself and his family.
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Colin Todd
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« Reply #12 on: Friday, February 27, 2009, 10:28:22 » |
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http://www.bbc.co.uk/blogs/thereporters/robertpeston/Says here that it wasnt in his contract, that it was discresonary as part of his serverance terms whether he recieved full or part pension and other benefits. The fact that he is recieving the full £16m pension pot is a massive fuck up basically
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ghanimah
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« Reply #13 on: Friday, February 27, 2009, 10:39:49 » |
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The Government look pretty fucking stupid about this. Seemingly they didnt check the small print regarding his departure and the small matter of the £650k a year pension. Now they want to do something about it but cant.
They certainly fucked up, it seems that 'leaking' of details by someone in the Government of the £693,000 pension, to spin and 'hide' the massive injection of extra taxpayers funds for RBS yesterday has gone er a little wrong. Personally, I think however morally dubious it is, he's legally entitled to it and the Government agreed to it. And frankly Fred's pension is peanuts in comparison to what the government is committing us taxpayer to underwriting. |
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"We perform the duties of freemen; we must have the privileges of freemen ..."
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THE FLASH
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« Reply #14 on: Friday, February 27, 2009, 10:55:47 » |
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May well be a controvertial post here - but I think he should get his pension - and should stop being made the fall guy...
Fact is that he also resided over many billions in profit that the bank made. His takeover of ABN was done in a different economic climate and was a good deal at the time...
The GLOBAL recession has killed that - but let's be fair it was hardly Fred's doing !
Gordon Wanky Brown has far more to answer for - after all it was HIS policies that have helped to put us in this mess - but have we had even 1 apology from the scottish tosser - of course not !!!
However even he escapes some criticism - as ultimately it was more what happened in the USA that has dragged everyone into this mess.......
Fucking hell......is that a quote from the Daily Mail?  ?? I like to remind everyone that the last time the economy went to Rat Shit the Torys were in power and the time before that Labour etc etc. All politicians are Wankers but to blame an individual party is madness. Banks and World finance have alot to answer for....and of course Governments throughout the world for allowing them to 'get away with it'. |
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Clems Army!
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