The Royal Bank Of Scotland records the biggest corparate loss in British history and we find that its former chairman waltzes off with a £600,000 a year pension. The government says it is looking at ways of clawing some of it back.
Some of it ?.
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Goodwin's pension is obscene, although not out of line with the enormous pension pots built up by other captains of industry. Admittedly most of the others have not presided over the near bankruptcy of one of the world's biggest banks. However, the clamour in the papers and on TV, lead by Gordon Brown, to relieve him of it is all rather silly. We keep hearing how the taxpayer will have to pay him £650k per year for life. Complete nonesense. Goodwin's pension is being paid by the RBS pension scheme which, unlike the state pension, has been funded by RBS down the years out of the profits it made during the time Goodwin was employed by them. The company has built up a fund, held by trustees and quite separate from the bank's funds, from which the pension will be paid.
Brown is just jealous because Goodwin has built up a bigger pension than he has. And in a far shorter time. Both Healy and Callaghan managed to wreck the economy far quicker than Brown. It took him 12 years but he managed it in the end. Well done Gordon.
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