Schadenfreude

The home of banking failure Sir Fred (the Shred) Goodwin has been vandalised. Several windows appear to have been smashed and someone has lobbed a solid object at some speed into the rear window of his S600 Mercedes causing a loss of dimensional integrity. It's difficult to feel any sympathy for the guy. He's been a leading candidate for the position of "most unpopular person in Christendom" since it was revealed that he was being paid a pension of around £700K a year by the bank he ruined only a few months previously. Other contenders for the title of course include Harriet Harman, Gordon Brown, Jacqui Smith, Mandleson of course, and oh the rest of the cabinet really. For me the honour has to go to Jacqui Smith, but it could go any number of ways if put to a referendum.

What was I saying? Oh yeah, Sir Fred; in case you have been living on the moon, Sir Fred was chief exec of RBS and had the brilliant idea of buying ABN Amro for some ridiculous sum of money just as the credit crunch bomb was about to drop. The cries of "Don't do it you knob!" were still ringing in his ears as everything went bosoms-up and RBS had to have its knackers dragged out of the fire by the tax payer to the tune of £20 billion. RBS subsequently posted a record loss of £24 billion and it was suggested that Sir Fred might like to take early retirement.

He probably could have walked away from RBS merely thoroughly disliked by most of the population had he not managed to negotiate the huge pension before he left. The pension required RBS, by then 70% state owned, to top up his pension fund with another enormous sum. What was it, £16 million? Remember, RBS would have sunk without trace and Fred would have been left with without pot to piss in or indeed a window through which to throw it, had the government not come galloping to the rescue with tax payers' money. Oh yes, he also managed to take a lump sum of £3 million before he left as part of the package, which astoundingly RBS paid the tax on! So, instead of being simply disliked intensely, he is now pretty much universally loathed.

But back to the original story, because there is some irony I want to point out here. Although most people probably found it quite difficult to surpress a smile over breakfast this morning as they learnt that Sir Fred's double glazing and car had changed shape, it has to be remembered that now, in addition to the gazillions he's already cost the tax payer, he's got his own state funded policeman guarding his house. I say we repossess his house, and give him £60 a week job seekers allowance.

A gang calling themselves "bank bosses are criminals" appears to have claimed responsibility for the attacks. They sent emails to the local papers it seems. They must be the jury in the court of public opinion.