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mark occomore
Joined: 07 Dec 2006
Posts: 9955
Location: UK
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 Posted: Sun Mar 01, 2009 6:57 pm Post subject: Legal Action To Block Sir Fred Goodwin Pension |
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It does seem the government actioned his pension then had to bail out banks with tax payers money like RBS now they are going to seek court action to retrieve some of his pension.  I'm not saying whether Sir Fred Goodwin is entitled to this, but I think the government need too be careful.
http://news.bbc.co.uk/1/hi/uk_politics/7917361.stm |
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SantaFefan
Joined: 07 Dec 2006
Posts: 11258
Location: top of the cliffs in Norfolk
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| Posted: Sun Mar 01, 2009 7:43 pm Post subject: |
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I find this all to be outrageous!
How can a government pour these vast amounts of cash into the Banks without worrying about the small print?
There should have been a small army of backroom legal eagles going through all of this Bonus caper before any agreemnet was signed..
Blimey it tales about 12 weeks to simply buy a house!
Of course he shouldn't get it.
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Minx
Joined: 09 Dec 2006
Posts: 4088
Location: France/Spain/Peterborough/Tenerife
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| Posted: Sun Mar 01, 2009 10:09 pm Post subject: |
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The utter incompetence (and blindsiding) of executive management never fails to amaze me. I have worked on locum projects for two FTSE 100 companies. In both cases the projects had the (extremely well) publicised backing of the top management, and having worked in more "hands on" environments, I mistakenly took that commitment at face value.
Both projects involved the livelihoods of several thousands of people. As things progressed it became clear that neither executive team had the faintest idea of the ethos, methodology or impact of either project, and that in fact the intervening layer of senior management worked very hard at keeping the fundamentals of the projects well out sight. No doubt working hard to preserve their own bonus systems! One interim management colleague was even dispensed with when she threatened to bring the project shortcomings to the notice of the executive.
So no, nothing about the current chaos surprises me. Executives not wanting to see what senior managements don't want them to. Just sign here please! 
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Minx
To err is human, to forgive - canine. |
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colby
Joined: 06 Feb 2009
Posts: 1216
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| Posted: Sun Mar 01, 2009 10:47 pm Post subject: |
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| SantaFefan wrote: | | Of course he shouldn't get it. |
I can't see how the bank in question can hope to get away with reneging on a contract in this manner. It was they who agreed to it - not the recipient.
Whilst I think the sums that were set aside for his pension are outrageous, I can't say I blame him at all for standing his ground. They entered into a signed agreement with his and that's that. Hard luck. Perhaps they should have looked at the detail contained in the document they were signing.
The only option for the government (as the majority shareholder) is to enforce a stop to the payouts in order to leave him the only option left to him - namely to sue for them - but that sets a very bad precedent for other employers and public bodies to act in the same way. And it doesn't make those in government look too principled either.
So much for contracts, eh? |
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iwarburton
Joined: 08 Dec 2006
Posts: 2133
Location: Northumberland
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| Posted: Mon Mar 02, 2009 9:00 am Post subject: |
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Could I have my last speeding fine reconsidered in this Court of Public Opinion, wherever it is?
Ian. |
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gfloyd
Joined: 07 Dec 2006
Posts: 4861
Location: Here, There, Everywhere.
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| Posted: Mon Mar 02, 2009 1:19 pm Post subject: |
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| colby wrote: | | SantaFefan wrote: | | Of course he shouldn't get it. |
I can't see how the bank in question can hope to get away with reneging on a contract in this manner. It was they who agreed to it - not the recipient.
Whilst I think the sums that were set aside for his pension are outrageous, I can't say I blame him at all for standing his ground. They entered into a signed agreement with his and that's that. Hard luck. Perhaps they should have looked at the detail contained in the document they were signing.
The only option for the government (as the majority shareholder) is to enforce a stop to the payouts in order to leave him the only option left to him - namely to sue for them - but that sets a very bad precedent for other employers and public bodies to act in the same way. And it doesn't make those in government look too principled either.
So much for contracts, eh? |
If the government hadn't rescued the company, how much would his pension be worth today? Somewhere close to zero I'd say.
The government could have made it a condition of the bailout - take it or leave it.
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colby
Joined: 06 Feb 2009
Posts: 1216
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| Posted: Mon Mar 02, 2009 1:26 pm Post subject: |
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| gfloyd wrote: | | The government could have made it a condition of the bailout - take it or leave it. |
Agreed. The problem is that they didn't, so I can't see how they now have a leg to stand on. He's intimated that if they try and stop the payments to him he'll sue - and so would I in that situation (chance would be a fine thing, of course!). A contract is a contract. |
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John W
Joined: 07 Dec 2006
Posts: 3367
Location: Warwickshire, UK
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| Posted: Mon Mar 02, 2009 3:37 pm Post subject: |
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| I expect some lawyers are scrutinising the contract, trying to find flaws or loopholes which might make it not legally binding. |
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mark occomore
Joined: 07 Dec 2006
Posts: 9955
Location: UK
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| Posted: Mon Mar 02, 2009 7:32 pm Post subject: |
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| John W wrote: | | I expect some lawyers are scrutinising the contract, trying to find flaws or loopholes which might make it not legally binding. |
I guess there would be some legal papers somewhere. Labour's Harriet Harman said it could be "The Court of Public Opinion". It's going to be a messy process to try and find ways to block any payments, and at the end of the day who has to pay for the legal costs.. Yes us!! |
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colby
Joined: 06 Feb 2009
Posts: 1216
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| Posted: Tue Mar 03, 2009 2:26 pm Post subject: |
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| mark occomore wrote: | | I guess there would be some legal papers somewhere. |
There usually are where contracts are concerned, Mark!  |
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