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March 25, 2009    

Sir Fred Goodwin’s Edinburgh home attacked

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by Gill Montia
Sir Fred's Edinburgh home attacked

Public outrage at the role played by leading bankers in driving the UK economy into the buffers has possibly erupted into violence, with reports that the Edinburgh home of Sir Fred Goodwin, former chief executive of Royal Bank of Scotland (RBS), was attacked in the early hours of this morning.

Windows at the property were smashed and a vehicle on the premises has been damaged.

Hostility towards Sir Fred has escalated in recent weeks because of the row over his pension entitlement.

The terms of his departure from RBS were dealt with hurriedly during the October phase of the banking crisis, when ministers worked out a recapitalisation package that eventually left the bank 68% state-owned.

Since then neither shame nor legal threats have persuaded Sir Fred to give up his pension pot.

In the latest developments, UK Financial Investments, the body that oversees the taxpayer’s interest in UK banks, blamed the RBS board for allowing a discretionary payment that means the pension could cost the taxpayer over £16 million in the years ahead.

According to a report in the Times, the disgraced chief executive is considering leaving the UK for a few months.

In related news, it emerged last week that local councils in Merseyside and North Yorkshire have joined forces to file a class action law suit against RBS directors in the US.

The councils are pursuing losses in relation to their pensions funds and it is understood that the entire RBS board at the time of its near collapse is named in the action.

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