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MP fury at banker's £½m pension

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Published Date: 08 May 2009
By Rhiannon Edward
AN MP hit out yesterday at the "scandalous" £500,000 pension of Sir Fred Goodwin's deputy at the Royal Bank of Scotland.
Labour's Jim Devine called for a debate on the pensions of retiring bankers from organisations part-owned by the government. The last member of Sir Fred's failed top team – deputy chief executive Gordon Pell – is set to leave RBS with a £517,000-a-y
ear pension.

Commons Leader Harriet Harman said the RBS pensions were decisions taken by the board before the government became a shareholder. But she pledged that for any bank part-owned by the government, there would be "no excessive pensions" and "no rewards for failure".

During Commons exchanges on upcoming business, Mr Devine said: "I know you share my concern about Sir Fred Goodwin going away with over £700,000. Yesterday we learned that Mr Pell, again one of the bankers who drove RBS into the ground, is going to walk away with a pension of over £500,000 a year.

"It would take the average nurse 20 years to earn that kind of money. It's an absolute scandal and instead of walking away with pensions of £1.2 million, we should have sacked them."

Ms Harman said the Financial Services Authority (FSA) was looking into the issue of corporate governance, including "financial remuneration at the top, which has in the past rewarded risk-taking not to mention greed".

She told Mr Devine: "The particular RBS pensions that you have mentioned ... were decisions taken by the RBS board before the government became a shareholder.

"But ... we make it absolutely clear there are to be no excessive pensions and there are to be no rewards for failure."





The full article contains 288 words and appears in The Scotsman newspaper.
Page 1 of 1

 
1

Colin B,

Bearsden 08/05/2009 00:19:49
Presumably then dopey union official Jim Devine is going to resign- his boss Harriet said these RBS pension outrages were "not going to happen" -well they did and they are
2

For Scotlands Future,

Vote for the SNP 08/05/2009 01:03:06
£½m is not a lot of money. It's about the same as the bar tab for the G20 Summit.

MP's should realise that the public is much more outraged at their theft-by-expenses. No wonder they fought so hard to try and keep them secret.
3

the_figures_are _fudged,

Galashiels 08/05/2009 01:56:32
MPs Expenses published late last night.

£24,000 per year per MP housing allowance

I am finding it hard to sympathise with "Furious MP"

Harriet says it is all above board.

Oh well that is alright then.
4

Scotindy,

Los Angeles 08/05/2009 04:14:44
Who is Harriet Harmen when he is at home. !!!!!!!!!!!!
5

Big M34,

uk 08/05/2009 04:25:20
If this man is representing you as an RBS employee then you should be very worried because he is basically talking about removing your pension if people that you work with get things wrong.
Much more scandalous is this man Devines pension as an MP
6

,

08/05/2009 06:52:25
Comment Removed By Administrator
Reason:
7

,

08/05/2009 08:36:22
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Reason:
8

ianpg,

Musselburgh 08/05/2009 08:53:39
Now that Labour have given-up on recovering the wrongful payments made to the incompetent bankers we have another nail in the coffin of decency and fairness. Gordon, you truly have been a disaster for the UK!
9

Mr. Lachie Todd,

Edinburgh 08/05/2009 09:18:43
It is indeed ironic that the board of directors of this busted flush of a financial institution should profit from this company's downfall, and multi-billion rescue by the taxpayer!

Is this the same board of directors which implacably opposed Scottish devolved government and took an active part in the NO Campaign in an effort to influence its staff, customers, and wider population, to vote against constitutional change.

Is this the same board of directors which made veiled threats about relocating from Edinburgh to the City of London if devolved government ever became the Unionist status quo!

After success in the two Referendums, nothing of the sort happened of course, and prior to its ignominious fall from grace, RBS did very nicely from its Edinburgh base in devolved Scotland!

It is interesting to note that Scottish devolved government is still the accepted Unionist status quo, and the magnificent Scottish Parliament is still standing, whilst the foundations of RBS (and HBOS) now lie in ruins!
10

Voldemort,

Edinburgh 08/05/2009 09:55:11
I love this:

One bunch of useless parasites angry at another bunch of useless parasites !

hehe ...
11

Darien,

Panama 08/05/2009 10:44:54
It is human nature to be greedy. If we can get away with something like this, we will tend to do it. And the prevailing moral philosophy for a long time in the oddly named 'nation' of UKofGB&NI has been to actually allow individuals to get as rich as they possibly can. Maybe we need supervisory boards at UK companies, like the continentals have?

Another Gov inquiry is useless. The most inept parliamentary committee of all time must be John McFaul's Treasury Committee over the last decade or so. The horse has well and truly bolted, yet McFaul still postures hopelessly.
12

malcyh,

08/05/2009 12:48:01
jim Devine would be better keeping quiet about finance right now. How about telling us about your pension and expenses and let us decide who is worth it. At least the Bankers provided prfit and jobs when all was going well. What exactly have the MPs done for us?
13

,

08/05/2009 13:54:02
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14

Richard Lionheart,

08/05/2009 17:44:50
No doubt FURIOUS MP is wondering how to claim same amount on expenses!
15

The Former Mr. Angry,

Perth 09/05/2009 09:49:41
MP's jealous fury at banker's pension.

"Despite my bending of the rules and taking advantage of every luxury afforded under expenses I cannot hope to retire on anything more than a couple of hundred thousand", he wept.
16

steve52,

Kinfauns 09/05/2009 23:16:59
Hope Jim's expenses are published....brass neck I say....If he had a brass neck would he claim for polish on expenses?

 

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