Now Myners' own pension comes up scrutiny

THX1138

Oh dear - The politics of envy rears it's ugly head on The Spectator!

angry RBS and former NatWest pensioner

As a former NatWest executive, it is very clear to me that Myners knew the details of Bank Executives pension packages, including the frequent use of the discretionary element( which Wanless probably had when he was "dismissed" by Nat West in 1999.) Therefore it seems to me incredible that Myners did not know about the principle of "discretionary" payments when he negotiated Sir Fred's exit. My view is that we had a case of them looking after their own

TrevorsDen

As I have pointed out to Guido, much though it would be a hoot if it were true, - this seems to be a Gartmore pension not RBS.

Jim

The significant issue THX is the fact that Myners had a £4M pension pot from the same company which was negotiating Fred's pension.

This isn't about envy, it's about whether or not Lord Myners was acting entirely with the texpayer's interests in mind, or whether their shared experience, background and financial interest may have played some part in the decisions which were made.

Guido has an interesting post and some pithy comments on this topic.

oldrightie

"this seems to be a Gartmore pension not RBS."

I suspect it will be as well as, don't you?

C Powell

Perhaps we could have a figure for the equivalent pension pot for Gordon, Alistair, Harriet and the rest of the Cabinet i.e. if they all retired tomorrow what annual pension would they get and how big a pot is needed from us to pay it. Then let's compare with Myners' pot and Fred's pot and all the other bankers who've made such a mess of things. It would bring an interesting perspective, I suspect, and red faces on the Government front bench.

THX1138

What do you lot expect, these clever highly motivated and ambitious people employ agents/lawyers to negotiate their remuneration packages on their behalf.

What else do you expect and of course they are going to get the best deal possible on behalf of their client, I'm surpised by the level of naivety on this blog. If I was able to do one of these jobs of course I would want my huge salary & huge pension pot who wouldn't?

Chuck Unsworth

@ THX1138

Oi! Who are you calling 'you lot'?

And you seriously believe that these disgusting people have some 'talent' which places them above other ordinary mortals? Cleverness, motivation and ambition do not amount to integrity.

THX1138

Chuck- Yeah sorry about that.

"And you seriously believe that these disgusting people have some 'talent' which places them above other ordinary mortals"

The answer is "Yes" as far running a big business is concerned the market has determined their worth. If the market determines in future they are not worth as much then so be it. Would you rather have Dave or Gordo to fix their salaries? If we're not careful we'll end up turning our banks into highly regulated utilities run by hacks and see all the clients & talent drain away to countries & organizations that believe in free markets.

Ken

@ THX1138 "Cleverness"… So just how clever was it that these bankers-with-no-banking-qualifications-but-huge-pension-egos, got away with the reckless destruction of much of the global financial system and millions of people's lives?

These banksters are criminals.

They blustered past Corporate Governance to sanction a raft of arcane and complex instruments of which they knew nothing, except for the vast commissions dangled before them.

Worse they were gleefully encouraged to blow us all out of the water, by no-touch regulator McBRuin, the saviour of the world who declines any responsibility.

Every single one of them and their political allies should be dragged to an International Economic War Crimes Tribunal and arraigned for global economic sabotage. They can spend their pensions on prison perks.

David Ossitt

Ken writes.

'These banksters are criminals.'

No they are not.

THX1138. Is correct in most of what he writes.

The problem started with a socialist goverment,

'The Clintons'

who legislated to force lenders to lend to poor Hispanics and Afro-Americans who would not in normal cumstances be given credit.

All of this anger agaist the banks is whipped up as a smoke screen to stop us seeing the real culprits.

The politicians.

George Laird

Dear All

Let me the first to call for Paul Myners to return his pension.

Mr. Myner has two options;

1/ Do the right and honourable thing and return it.

2/ Give everyone the V sign as did Mr. Goodwin mentally.

£4 million is a lot of money.

Anyone so deranged to think he will give it back?

Yours sincerely

George Laird
The Campaign for Human Rights at Glasgow University