Pension 'obscene'; further bailout

Link to the article: Channel 4

Last Modified: 26 Feb 2009
By: Gary Gibbon

Former RBS chief Sir Fred Goodwin will not be handing back some of his pension deal as Gordon Brown says he will take legal action if necessary.

The news comes as the bank was offered billions more in taxpayers money to keep it afloat.

Sir Fred Goodwin, the man blamed for the downfall of the Royal Bank of Scotland, has pocketed a retirement package of £693,000 per year that critics called "eye-watering" and "obscene".

On the day it revealed the biggest annual loss in British corporate history, more than £24bn, RBS has now promised sweeping changes, including insuring against any further losses.



Interview: Stephen Hester

RBS chief executive Stephen Hester offers his view on the bank's toxic assets.



Interview: Stephen Timms

Stephen Timms, , financial secretary to the treasury, responds to claims that the government had been made aware of, and consequently signed off, Sir Fred's pension plan.