LyrArc Article Gist
Sir Fred Goodwin left RBS with a 693,000 British pounds annual that was arranged in the contract. At the end of 2007 Sir Fred was owed 597,000 British pounds, but when he was forced out in October 2008, Sir Fred 50 years old, was given credit for 10 years more work, increasing the payout to 693,000 British pounds a year. With the highest annual loss in British history of 24 billion pounds reported by RBS for 2008, the government is asking Sir Fred to take areduced pension. This has resulted in a nasty exchange with Sir Fred who has refused, and the British public and the people of Edinburgh especially are furious. "There is asense of fury that the government seems impotent, unable to act when the man chiefly responsible for the bank's collapse is able to walk away with apension that others can only dream of- and at the ripe olfd age of 50!" said David Pickering, aspokesman for the Edinburgh Association of Community Councils. "And what is worse that we, the British taxpayers are actually paying for it."