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01/02/2012
Fred Losing Knighthood 'Right' Says Miliband
Leader of the Labour Party has welcomed the news that the former boss of the Royal Bank of Scotland has lost his knighthood.
The Cabinet Office announced on Tuesday after weeks of speculation that Fred 'The Shred' Goodwin would be stripped of his title. The former RBS boss has been blamed for the downfall of the now publicly owned bank, despite winning his knighthood under the Labour Party.
Ed Miliband said it was right that Mr Goodwin, who was known for his drastic departmental 'shredding' methods, had lost his knighthood but that it was only the start of the "change we need to see".
"We need to change the bonus culture and we need to change the rules so we see real responsibility across the board.
"As I said in my conference speech we should not have given Fred Goodwin a knighthood but this should not be about individuals, it is about taking the right steps now to create a more responsible capitalism."
The Cabinet Office said that the decision, not normally publicised in advance, was taken on the advice of the Forfeiture Committee, which advised that Fred Goodwin had brought the honours system "in to disrepute".
"The scale and severity of the impact of his actions as CEO of RBS made this an exceptional case."
A spokesperson for the Cabinet Office said that in 2008 the Government had to provide £20bn of new equity to recapitalise RBS and ensure its survival and prevent the collapse of confidence in the British banking and payments system.
"Subsequent increases in Government capital have brought the total necessary injection of taxpayers’ money in RBS to £45.5bn."
However, on Wednesday morning, both the Government and the Labour Opposition have faced accusations of using Mr Goodwin as a scapegoat. Ex-Labour chancellor Alistair Darling said the decision to remove the title appeared to have been taken "on a whim" - as Mr Goodwin was not the only banker to cause problems.
Meanwhile, the Institute of Directors warned of creating "anti-business hysteria".
(DW)
The Cabinet Office announced on Tuesday after weeks of speculation that Fred 'The Shred' Goodwin would be stripped of his title. The former RBS boss has been blamed for the downfall of the now publicly owned bank, despite winning his knighthood under the Labour Party.
Ed Miliband said it was right that Mr Goodwin, who was known for his drastic departmental 'shredding' methods, had lost his knighthood but that it was only the start of the "change we need to see".
"We need to change the bonus culture and we need to change the rules so we see real responsibility across the board.
"As I said in my conference speech we should not have given Fred Goodwin a knighthood but this should not be about individuals, it is about taking the right steps now to create a more responsible capitalism."
The Cabinet Office said that the decision, not normally publicised in advance, was taken on the advice of the Forfeiture Committee, which advised that Fred Goodwin had brought the honours system "in to disrepute".
"The scale and severity of the impact of his actions as CEO of RBS made this an exceptional case."
A spokesperson for the Cabinet Office said that in 2008 the Government had to provide £20bn of new equity to recapitalise RBS and ensure its survival and prevent the collapse of confidence in the British banking and payments system.
"Subsequent increases in Government capital have brought the total necessary injection of taxpayers’ money in RBS to £45.5bn."
However, on Wednesday morning, both the Government and the Labour Opposition have faced accusations of using Mr Goodwin as a scapegoat. Ex-Labour chancellor Alistair Darling said the decision to remove the title appeared to have been taken "on a whim" - as Mr Goodwin was not the only banker to cause problems.
Meanwhile, the Institute of Directors warned of creating "anti-business hysteria".
(DW)
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20 January 2012
Miliband Says RBS Chief Should Lose Knighthood
Labour leader Ed Miliband has said it was "clearly wrong" for former Royal Bank of Scotland (RBS) chief Fred Goodwin to be knighted, as the banker accepts a seven figure bonus despite halving his bank's share price.
Miliband Says RBS Chief Should Lose Knighthood
Labour leader Ed Miliband has said it was "clearly wrong" for former Royal Bank of Scotland (RBS) chief Fred Goodwin to be knighted, as the banker accepts a seven figure bonus despite halving his bank's share price.
25 March 2009
Ex-RBS Boss Sir Fred Goodwin's Home Attacked
Vandals have attacked the Edinburgh home of the former chief executive of Royal Bank of Scotland (RBS) in an overnight attack. Windows of Sir Fred Goodwin's villa were smashed and a Mercedes s600 car was damaged during the incident. It is not known if anyone was in the house at the time, or who reported the vandalism.
Ex-RBS Boss Sir Fred Goodwin's Home Attacked
Vandals have attacked the Edinburgh home of the former chief executive of Royal Bank of Scotland (RBS) in an overnight attack. Windows of Sir Fred Goodwin's villa were smashed and a Mercedes s600 car was damaged during the incident. It is not known if anyone was in the house at the time, or who reported the vandalism.
03 February 2012
Miliband Says Banking Should Take 'Path Of Change'
The Labour Leader has called on the banking sector to take the "path of change" in response to public anger over failures within the sector.
Miliband Says Banking Should Take 'Path Of Change'
The Labour Leader has called on the banking sector to take the "path of change" in response to public anger over failures within the sector.
18 June 2009
Ex Bank Chief To Return Some Of His Pension
The former Royal Bank of Scotland (RBS) boss, Sir Fred Goodwin, is to hand back some of his £703,000 a year pension, it has been revealed. It is understood he is preparing to give up as much as £200,000 a year, which would cut the value of his pension pot by around £4 million.
Ex Bank Chief To Return Some Of His Pension
The former Royal Bank of Scotland (RBS) boss, Sir Fred Goodwin, is to hand back some of his £703,000 a year pension, it has been revealed. It is understood he is preparing to give up as much as £200,000 a year, which would cut the value of his pension pot by around £4 million.
26 February 2009
Ex-RBS Boss Urged To Give Up Pension, As 'Largest Annual Losses' Announced
The failed boss of the Royal Bank of Scotland (RBS) has been called upon to give up his £650,000-a year pension, as the institution posts its largest annual loss in UK corporate history. Prime Minister Gordon Brown has threatened legal action if disgraced former RBS chief Sir Fred Goodwin fails to comply with the request, it has emerged.
Ex-RBS Boss Urged To Give Up Pension, As 'Largest Annual Losses' Announced
The failed boss of the Royal Bank of Scotland (RBS) has been called upon to give up his £650,000-a year pension, as the institution posts its largest annual loss in UK corporate history. Prime Minister Gordon Brown has threatened legal action if disgraced former RBS chief Sir Fred Goodwin fails to comply with the request, it has emerged.
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