Monday, March 16, 2009

Revenge is sweet

Interesting news; Merseyside and North Yorkshire local authority pension funds are to sue RBS and the now infamous pensioner Fred Goodwin. The Times reports:
Cherie Blair has been hired by two local authority funds to seek compensation for the “massive losses” incurred when RBS was bailed out and the share price collapsed.

They claim that on multiple occasions RBS and Sir Fred, its former chief executive, “falsely reassured” investors that the bank was in good health when it was “effectively insolvent” because of bad loans.

3 comments:

Rouge-et-Noir said...

Sort of calls to mind the phrase "set a thief to catch a thief"...

Anonymous said...

So if they win anything, who pays? A bust RBS or Fred's near bust directors' liability insurer?

Rouge-et-Noir said...

And never forget - all the money comes back to RBS - aka ourselves - on the man's death...*

*although it seems from today's news that he's anticipated that, and grabbed a cool 3 million before some anarchist...(puts finger over mouth quickly)