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| Version 2 | Version 3 |
|---|---|
| 'Disgust' at new job for Sir Fred | 'Disgust' at new job for Sir Fred |
| (about 1 hour later) | |
| Royal Bank of Scotland shareholders have criticised the appointment of Sir Fred Goodwin by the architectural firm RMJM in Edinburgh. | Royal Bank of Scotland shareholders have criticised the appointment of Sir Fred Goodwin by the architectural firm RMJM in Edinburgh. |
| The consultancy role will be his first job since leaving RBS after the government bailed it out 15 months ago. | The consultancy role will be his first job since leaving RBS after the government bailed it out 15 months ago. |
| Roger Lawson, from the RBS Shareholder Action Group, said it was "ironic" Sir Fred got a job when others were losing theirs in the recession the banks made. | Roger Lawson, from the RBS Shareholder Action Group, said it was "ironic" Sir Fred got a job when others were losing theirs in the recession the banks made. |
| Independent MSP Margo MacDonald said her reaction was "faint disgust". | Independent MSP Margo MacDonald said her reaction was "faint disgust". |
| Michael Connarty, Labour MP for Linlithgow and East Falkirk, said it was a "very odd appointment". | Michael Connarty, Labour MP for Linlithgow and East Falkirk, said it was a "very odd appointment". |
| Sir Fred, who was born in Paisley, was in charge at the bank for nine years and steered it from being a bit-part player to one of the top five in the world. | Sir Fred, who was born in Paisley, was in charge at the bank for nine years and steered it from being a bit-part player to one of the top five in the world. |
| He built up the bank with numerous acquisitions but the problems started when RBS bought the Dutch bank ABN Amro at the height of the boom in 2007. | He built up the bank with numerous acquisitions but the problems started when RBS bought the Dutch bank ABN Amro at the height of the boom in 2007. |
| Joe LynamBBC business correspondent "It was an opportunity too good to turn down" - that's how the world's 5th largest architecture firm described its appointment of the former RBS boss Sir Fred Goodwin. | |
| RMJM is hiring Britain's most famous ex banker - a man who many blame for all but destroying one of its largest banks and pocketing an enormous pension upon retiring aged 50. | |
| RMJM, which is using Sir Fred as an adviser, also said that the blame for the near collapse of RBS couldn't be laid at the foot of one man. | |
| But the RBS Shareholder Action Group said that it was ironic that Sir Fred managed to get a job when others were being let go - and in a recession which banks were responsible for". | |
| Sir Fred is not the first banker - blamed for the near collapse of the system 18 months ago - to get a job. | |
| The former boss of HBOS Andy Hornby runs the privately owned high street chemist chain Boots. | |
| Mr Lawson's shareholder group is pursuing a legal claim against RBS for its £12bn rights issue in May 2008. | Mr Lawson's shareholder group is pursuing a legal claim against RBS for its £12bn rights issue in May 2008. |
| That RBS share sale for 200p per share was made five months before the near collapse of the bank and its rescue by taxpayers. | That RBS share sale for 200p per share was made five months before the near collapse of the bank and its rescue by taxpayers. |
| The bank is now 83% controlled by the UK government, with shares having collapsed by 95% since their high point in 2007. | The bank is now 83% controlled by the UK government, with shares having collapsed by 95% since their high point in 2007. |
| Sir Fred retired from RBS in September 2008, aged 50, with a controversial pension of £700,000 per year - a figure which has been subsequently reduced. | Sir Fred retired from RBS in September 2008, aged 50, with a controversial pension of £700,000 per year - a figure which has been subsequently reduced. |
| Mr Lawson said: "It's ironic that he's managed to get a job when others are being let go - and in a recession which banks are responsible for. | Mr Lawson said: "It's ironic that he's managed to get a job when others are being let go - and in a recession which banks are responsible for. |
| "One must question whether the folks who are hiring him are prudent - given that his reputation will proceed him everywhere he goes." | "One must question whether the folks who are hiring him are prudent - given that his reputation will proceed him everywhere he goes." |
| Sir Fred - dubbed "Fred the Shred" - has been appointed as a senior adviser with architectural practice RMJM, where he began work just before Christmas. | Sir Fred - dubbed "Fred the Shred" - has been appointed as a senior adviser with architectural practice RMJM, where he began work just before Christmas. |
| It was involved in designing the controversial Scottish Parliament building, though the current management had no involvement in that project. | It was involved in designing the controversial Scottish Parliament building, though the current management had no involvement in that project. |
| Sir Fred will be based in Edinburgh but will spend the vast majority of his time overseas. | Sir Fred will be based in Edinburgh but will spend the vast majority of his time overseas. |
| He will not be on the RMJM board but will join four or five other members of the senior advisory panel of the business. | He will not be on the RMJM board but will join four or five other members of the senior advisory panel of the business. |
| Mr Connarty said: "People wonder what he knew about banking and will now wonder what he knows about building." | Mr Connarty said: "People wonder what he knew about banking and will now wonder what he knows about building." |
| Pay package | Pay package |
| The Labour MP added: "There is a deep irony that one the architects of RBS's downfall is now working for the architects involved in the Holyrood building fiasco." | The Labour MP added: "There is a deep irony that one the architects of RBS's downfall is now working for the architects involved in the Holyrood building fiasco." |
| Ms MacDonald said: "One of the things that people objected to, and I think with good reason, was the size of Mr Goodwin's pension pot. | Ms MacDonald said: "One of the things that people objected to, and I think with good reason, was the size of Mr Goodwin's pension pot. |
| "It now transpires that he is not really pensioned off at all, he is quite capable of earning money with another company." | "It now transpires that he is not really pensioned off at all, he is quite capable of earning money with another company." |
| The company would not comment on Sir Fred's pay package, though said it was in line with that of the existing senior advisers to the business. | The company would not comment on Sir Fred's pay package, though said it was in line with that of the existing senior advisers to the business. |
| A spokesman from Sir Fred's new employer told the BBC: "We've known Sir Fred on an informal basis for years and it was an opportunity which was too good to turn down. | |
| "He has an ability that's proven over 20 years." | |
| "We're very impressed with him and he's impressed with us and the rationale for appointing him will become clear going forward." |