A Good Win for Sir Fred!

A pantomime is being staged in Parliament – Christmas has come early for Sir Fred Goodwin.

Cast List:

Sir Fred ‘The Shred’ Goodwin (former Royal Bank of Scotland Chief Executive) –Abanazar, who snatches the Treasury lamp.

Lord Myners (Financial Services Secretary and Government Spokesperson) – Baron Hardup.

Rt. Hon. Gordon Brown (Prime Minister) and Rt. Hon. Alistair Darling (chancellor) – The Ugly Sisters.

Scene: Confusion reigns in the Palace of Westminster – who has control of the Treasury keys?

But the comedy is fast becoming a tragedy and we are missing a hero. Who is holding who to account? Who is sorting this mess out?

Why was Sir Fred, who presided over a £24 billion loss – the biggest loss in UK corporate history:
1.) Allowed to resign instead of being dismissed?
2.) Allowed to receive a pension at the age of 50, when RBS might cut 20,000 jobs, as the taxpayer injects £25 billion to save this failing bank?

We are told the Prime Minister has demanded “a rejection of the old short-term bonus culture” in banking. Lord Myners, in charge of Government owned UK Financial Investments Ltd, says that the company is doing all it can to persuade Sir Fred Goodwin to give up the £703,000 a year that he is receiving.

But are you aware that UK Financial Investments staff will receive bumper bonuses of their own? This extraordinary hypocrisy is approved of by Lord Myners himself, who wrote to me stating: “Some element of performance-related pay is now the norm in the great majority of organisations…UK Financial Services will be no exception”.

Perhaps, if the situation wasn’t so serious, there would be laughter instead of tears. But the audience will not be giving a standing ovation. Unfortunately, we cannot ask for our money back

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