Writ? Said Fred
They'll make a docudrama out of this one day that's for sure. North Yorkshire and Merseyside council pension funds have hired ex-PM Tony Blair's "squeeze" Cherie to sue the Royal Bank of Jockland and it's incredibly smug ex-boss Sir Fred Goodwin, report the Telegraph.
Sir - I can hardly bear to type it - Fred and RBS "falsely reassured" investors that the bank was in rude health when it was "effectively insolvent" say the pension funds.
I can't see them having too much difficulty making that one stand up in court.
The lawsuit accuses RBS, it's entire board of hapless directors and halfwit Funtime Freddie of "hubris" for insisting on a disastrous lending and acquisition strategy.
The case will go through the American courts, not British ones, as RBS conducted a significant amount of it's business there. And it won't have escaped the pension fund's notice that it's likely to be far easier to get a massive result there too.
Sir Fred was reported to be so shocked by the news that he dropped his mobile phone.
Hubris: any outrageous act or exhibition of pride or disregard for basic moral laws, according to Wikipedia.
RBS Reports Record Losses
The Royal Bank of Scotland has reported the largest ever loss in UK corporate history. A whopping GBP40 billion pre-tax was flushed down the lavatory at RBS in 2008. I wouldn't like to be the plumber called into unblock that baby, would you?
As the bank announced a sweeping restructuring plan shares jumped 30% in early trade, despite the losses.
As part of the plan up to 20,000 jobs could go. Why don't they start by "restructuring" former chief executive Sir Fred Goodwin's apologetic little face as he cashes in his fat £650,000 a year pension?
