Brown vows to claw pension back

[Mossad]

http://news.bbc.co.uk/1/hi/uk_politics/7914993.stm

Gordon Brown has repeated his threat of legal action against ex-Royal Bank of Scotland chief Sir Fred Goodwin over his "unacceptable" £16m pension.
The PM said he shared public "anger" at the size of the pension and was "considering every legal means at our disposal" to get some of it back.
Sir Fred has rejected pleas to return it, claiming ministers approved it. Bla bla bla

This is the government's fault and now they are trying to act like the 'heroes.' That's like arranging someone to be killed and then handing the assassin into the police. Madness.

[Mockler]

I think they will sort it out if they can. I mean they've got so much pressure on them to do something about his pension now. all the papers have it on their front page in my local offie.

[AKU//]

What's the point in suing someone over their pension?

[soph41190]

As horrific a sum as it is, as are the circumstances in which he has earned it, to go after blood lust (because that is what it is - we didn't complain when there wasn't a recession about the hideous amounts they recieves) and transcend all property rights just to say 'get our own back'. That opens a whol civil-rights can of worms, one I do not want to see opened.

[Gotlieb Alexander]

His pension was a condition of him giving up his job, therefore if they want him to give it up, they should give him his job back

[Mockler]

His pension was a condition of him giving up his job, therefore if they want him to give it up, they should give him his job back

they could have fired him. he would not have got it then.

[coruscant]

http://news.bbc.co.uk/1/hi/uk_politics/7914993.stm

Gordon Brown has repeated his threat of legal action against ex-Royal Bank of Scotland chief Sir Fred Goodwin over his "unacceptable" £16m pension.
The PM said he shared public "anger" at the size of the pension and was "considering every legal means at our disposal" to get some of it back.
Sir Fred has rejected pleas to return it, claiming ministers approved it. Bla bla bla

This is the government's fault and now they are trying to act like the 'heroes.' That's like arranging someone to be killed and then handing the assassin into the police. Madness.
But Gordon Brown is a hero, he saved the world! :D
Oh, the banks sorry! :p

[Mockler]

you're right he has certainly been a major player on the worlds eceonomic forums lately. and yes, you are right again, he did save the banks... namely Northern Rock on which the Tory Party opposed him.

[coruscant]

Yes but he isn't good a lot of the time, e.g Lloyds and HBOS merger was shown to be a bad move.

[Sylvester Okomboa]

they could have fired him. he would not have got it then.

He would if it was in his contract

[Paul]

He would if it was in his contract

The contract said something like "if the director is asked to leave the company has the right to award him his full pension from the date he leaves" - meaning that firing him, or refusing to award it, would mean he wouldn't recieve his pension until age 65.

[monorail]

At least we all now know who the most hated man in Britain is - Sir Fred Goodwin.

[Mockler]

the government is definately going to do something about it. Harman is saying he should not count of keeping his pention etc.

[kingston1991]

The government needs to stop making mistakes in the first place. As for the mans pension, he should just give some back out of embarrasment. Perhaps Gordon Brown should give up his pention, he's done alot of bad things for the economy.

[Daniel Frost]

GB's pension is sizeable lower, I should think ;)

[Paul]

the government is definitely going to do something about it. Harman is saying he should not count of keeping his pension etc.

That rhetoric is useless though - because there probably isn't enough time to get a new bill through specially for Goodwin - because it'd make Brown look hypocritical (by trying to get rid of performance bonuses - but turning pensions into a performance based thing).

[Mockler]

The government needs to stop making mistakes in the first place. As for the mans pension, he should just give some back out of embarrasment. Perhaps Gordon Brown should give up his pention, he's done alot of bad things for the economy.

Gordon Brown personally signed away the Prime Ministers right to claim pension before the age of 65 (this means PMs in the future wont have this right anymore too).

also, I think 10 years of economic stability and Londons sucess as the financial capital of the world speaks for itself.

[Mockler]

That rhetoric is useless though - because there probably isn't enough time to get a new bill through specially for Goodwin - because it'd make Brown look hypocritical (by trying to get rid of performance bonuses - but turning pensions into a performance based thing).

well if they are going on about it it usually means they're going to do something about it.

[kingston1991]

The average state pension is 3,500. Gordon Browns is somewhere in the region of between 50-80,000 i cant remember, but it's still very very large.

[Paul]

well if they are going on about it it usually means they're going to do something about it.

Or it's a smokescreen to cover the real money that they're plowing into the banks? Or to cover the news of the regulators and the bank of england that they were told to give these large companies a "light touch regulatory system" and to ignore these flawed business models?

also, I think 10 years of economic stability and London's success as the financial capital of the world speaks for itself.
I'm sure RBS was very successful before now - surely that is enough for Goodwin to keep his pension?

Anyway - Those 10 years of success were based on light touch regulation which failed to stop bad business practices early enough to prevent problems. Who instituted the regulatory system and urged this light touch method?

[soph41190]

The government needs to stop making mistakes in the first place. As for the mans pension, he should just give some back out of embarrasment. Perhaps Gordon Brown should give up his pention, he's done alot of bad things for the economy.

Exactly. I know of a lot of people who don't deserve their pensions. This is blood-lust, nothing more.

[Paul]

don't understand why Brown complained about all the bonuses but didn't stop bonuses at the FSA (Financial Services Authority - the city regulator) - surely they failed the most? (we might say that they had Brown begging them for light touch regulation - but the CEOs of banks had shareholders begging them for high profits and short term investments)

[Matt. P]

Did anyone hear Harriet Harmen on the TV:

And it might be enforceable in a court of law, this contract, but it is not enforceable in the court of public opinion and that is where the government steps in."

I was unaware that "public opinion" could veto the rule of law and our precious judicial system.

[AKU//]

Did anyone hear Harriet Harmen on the TV:



I was unaware that "public opinion" could veto the rule of law and our precious judicial system.

It's not public opinion-its Harriet Harman's opinion:p.

I mean I don't agree with it, you clearly don't Matt and looking at this thread neither do most people on the forum. The avaerage person in the street probably dosen't care.

Labour, actually thats unfair: the likes of Harriet Harman are using the recession as an oportunity for a good old fashoined bioted class war.

[soph41190]

It's not public opinion-its Harriet Harman's opinion:p.

I mean I don't agree with it, you clearly don't Matt and looking at this thread neither do most people on the forum. The avaerage person in the street probably dosen't care.

Labour, actually thats unfair: the likes of Harriet Harman are using the recession as an oportunity for a good old fashoined bioted class war.

Labour was created as a result of a class war, it will go as a result of a class war. It is British Culture.

[Gotlieb Alexander]

I just can't believe the government are focusing so much effort on one man's pension when they are meant to be sorting out the economy.

Today the treasury select committee were interrogating bankers about this very issue, even though on Thursday it is widely believed that the Bank of England is going to ask for permission to print money.

At such a crucial economic time the fact that treasury ministers are focusing on a battle they cannot win shows that they are purely out to win votes and are not focused on the real issues.

Sir Fred does not deserve this pension, it should not have been given to him, but what is done is done

[liberati]

Sir Fred does not desereve his pension and the sum in question is horrific but this does not mean it is appropriate to pass a law and apply it in retrospect to prevent it. The reason that there is so much fuss about the issue is because people do care, Sir Fred has become the symbol of bankers' excesses and reward for faliure.
Despite all the noise the government is making I think it unliklely that there is anything they can realistically do about it without violating the rule of law and the principles upon which our society is founded. Most likely everyone will forget after a while and nothing will happen.

[Mockler]

bonuses are hardly that important.

[Hamsterwaffle]

Personally I am worried about the setting of a precedent for the govt to start taking peoples pensions.

[liberati]

I agree, he probably shouldn't have it but that doesn't mean that it should be taken from him (something which may be technically illegal)