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    The taxpayers to fund Fred Goodwin's legal tab.

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    papa_umau
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    The taxpayers to fund Fred Goodwin's legal tab.

    Post by papa_umau on Tue 22 Jan 2013, 12:50 pm

    It was reported today that the shamed boss of the Royal Bank of Scotland, Fred Goodwin,is to get all of his legal bills paid by taxpayers cash.

    This situation has been triggered by a 4 billion lawsuit that has been brought by RBS shareholders that lost their money when the bank went bust while under the care of Fred Goodwin.

    This case has been brought by the RBS Shareholders Action Group because they feel that an action by Goodwin, when he misrepresented their financial health by raising 12 billion by selling new shares for this failing bank during 2008, caused their losses.

    Read about this story HERE.




    I find this story particularly galling when one considers that this failed and reckless banker was allowed to keep his 342,500 yearly pension after being sacked and having his knighthood stripped from him.


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    zathrus
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    Re: The taxpayers to fund Fred Goodwin's legal tab.

    Post by zathrus on Wed 23 Jan 2013, 10:16 am

    Don't get me started on that pig ! Mad

    As our Clapco once said, before his demise, "rewarding the bosses for failure is always wrong".

    Come back Clapco, all is forgiven.

    You were a bit harsh there Paps !
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    papa_umau
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    Re: The taxpayers to fund Fred Goodwin's legal tab.

    Post by papa_umau on Thu 24 Jan 2013, 11:19 am

    Thanks for the comments Zath, but I won't go into why Clapco was kicked off the board.

    Now back to the topic.....

    I believe that the reason why Goodwin is getting his legal bills paid by the taxpayers is because it is the taxpayers that now own that bank.

    Of course that does not make it right by any means.


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    Re: The taxpayers to fund Fred Goodwin's legal tab.

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