Sir Fred Goodwin, earnt the reputation as Fred the Shred by slashing costs and wholesale cutting of jobs, to make large financial companies highly profitable.
His appointment to the Chair of RBS was heralded as a major triumph at the time and he oversaw a huge growth of the British/ Scottish bank to the World stage, Knighted for his achievements, he outbid Barclays in 2007 to buy the Dutch banking conglomerate ABN Amro at the top of the market along with smaller partners Fortis and Santaner (the Spanish owner of Abbey National).
Zoom forward two years and the mega deal to buy ABN Amro has unravelled and Sir Fred has led each and everyone of us into more debt through the Government bailout than could ever of imagined.
Not only as taxpayers, have we bought the bank to save it from collapse, insured it against losses on toxic debt to the tune of ?325m and experienced Britain's biggest ever loss of ?24.1bn (albeit mostly by write offs of the ABN Amro write down), but now the taxpayer is to pay Sir Fred ?650k per annum in pension payments after he was forced to step down.
So how do you feel about paying Sir Fred ?1780 per day to retire and stop doing a job that has cost every person in the UK a further ?1000+ of tax to pay in their lifetime and will no doubt.. our children will be paying to clear?
Sir Fred has tonight, despite requests, refused to hand back or limit any of his pension. Both the Government and the board of the mostly nationalised crippled bank seem to assume that you and I as tax payers should reward this man for his unbelievable incompetitance.
So next time you pay your tax bill keep this image in mind...
Taken when he realised I might hit him!