UK government stripping bankers of loot: will ours do the same?

[cyberianpan]

In the UK the ante has been building up on ex RBS chief Fred Goodwin. He ran the bank into the ground and exited with a £650,000 p/a golden parachute pension. He is only 50 years old so this pension will cost well over £16 million, perhaps even £33 million (see here).

Now the government is threatening to change laws to recover the loot:

[SIZE=5]Fred Goodwin must surrender pension, Harriet Harman insists[/SIZE]
The Government is prepared to change the law to strip former RBS chief Sir Fred Goodwin of his £650,000-a-year pension, Commons Leader Harriet Harman has hinted.
Telegraph

Will our government take steps to recover the loot from the Anglo bosses ?

It now transpires that Michael Fingleton has a pension scheme similar in size to Goodwin's:

SBP
The government is set for fresh confrontation with Irish Nationwide Building Society, after uncovering information that chief executive Michael Fingleton received a pension payout of almost €28 million from the state-guaranteed institution.

In its 2007 annual report, Irish Nationwide said that one group pension scheme was transferred to another retirement benefit scheme outside of the group in January of that year. The net amount transferred was €27.6 million.

cYp

[Retrolives]

Fred let this devil loose, selfishly thinking he could saddle the taxpayer with debt and line his pockets in the process before the economy went under. He now awakens to find that he has unleashed a monster.

Serves him right.

[needle_too]

In the UK the ante has been building up on ex RBS chief Fred Goodwin. He ran the bank into the ground and exited with a £650,000 p/a golden parachute pension. He is only 50 years old so this pension will cost well over £16 million, perhaps even £33 million (see here).

Now the government is threatening to change laws to recover the loot:

Will our government take steps to recover the loot from the Anglo bosses ?

cYp

AFAIK this is nonsense.

They havent got the right to undo the deal; they approved it last year.
The only reason they want it changed now is that it has become an issue.

This guy will ride them all the way....

[Libero]

AFAIK this is nonsense.

They havent got the right to undo the deal; they approved it last year.
The only reason they want it changed now is that it has become an issue.

This guy will ride them all the way....

Rhetoric aside, why do think the UK or Irish government cannot "undo the deal"?
Wouldn't primary legislation do the trick?

Or do you think the likes of Goodwin and FitzPatrick are somehow in a position to play hardball?

[cyberianpan]

Rhetoric aside, why do think the UK or Irish government cannot "undo the deal"?
Wouldn't primary legislation do the trick?

Or do you think the likes of Goodwin and FitzPatrick are somehow in a position to play hardball?

Indeed and that's what they propose, their words are quite hardball & unequivocal:

Ms Harman said the payout was "money for nothing" and vowed that the ex-Royal Bank of Scotland chief executive [COLOR=Red]would not end up with the cash[/COLOR] even if his retirement deal proved legally watertight.

But Ms Harman, Labour's deputy leader, said that [COLOR=Red]all necessary steps would be taken[/COLOR] if the 50 year old would not do the "honourable" thing.

"Sir Fred should not be counting on [COLOR=Red]being £650,000 a year better off as a result of this because it is not going to happen[/COLOR]," she told BBC1's Andrew Marr show.

"The Prime Minister has said it is not acceptable and therefore it will not be accepted. It might be enforceable in a court of law this contract [COLOR=Red]but it's not enforceable in the court of public opinion and that's where the Government steps in[/COLOR]."

Ms Harman declined to say exactly what action could be taken but reports this week have suggested[COLOR=Red] a special Act of Parliament was being considered by Downing Street as a last resort. [/COLOR]

If necessary here we could even propose an amendment to Bunreacht:

The 29th amendment to Bunreacht na hÉireann "Stripping bankers of their loot". Such might prove a very popular referendum topic... Gilmore & Kenny should introduce a bill to propose the referendum !

cYp

[Defeated Romanticist]

Poor thread. The anti-intellectualism on this site is stultifying sometimes.

[cyberianpan]

Poor thread. The anti-intellectualism on this site is stultifying sometimes.

I am puzzled as to how discussing law changes to strip bankers of ill-deserved gains can be construed as anti-intellectual?

cYp

[TradCat]

If running something into the ground is a basis for loosing your pension then shouldn't Bertie lose his first. I think so.

[cyberianpan]

If running something into the ground is a basis for loosing your pension then shouldn't Bertie lose his first. I think so.

I wouldn't propose taking it all back - leave the bankers with enough to get by on

I think Bertie should give up some - but that's a different thread

cYp

[anewbeginning]

Seanie Fitzpatrick to get 25 million pension while oweing the guts of 100 million to the taxpayer...of course when FF are representing the taxpayer you know he is going to walk off scot free with his pension intact...