Socialist Worker

Fred’s lawyers shred criticism

Issue No. 2283

There’s something missing from the report into the failure of RBS bank released this week—any real criticism of its boss.

Sir Fred Goodwin, known as “Fred the Shred”, is hardly mentioned in the FSA bank regulators’ report, except where it talks about its decision not to “pursue action” against him.

Goodwin’s lawyers were allowed to read the 500‑page report before it was published—and are believed to have been able to remove passages about him.

An FSA source told the press, “They have been in and out of the FSA with a team of lawyers… They have been crawling over every word.”

Goodwin currently enjoys a pension from RBS worth £342,500 a year.

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Tue 13 Dec 2011, 17:13 GMT
Issue No. 2283
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