This whole thing about the RBS pension thing is entertaining the fuck clean out of me. But more for the way that it’s showing all or politicians to be total fucks than anything else.

First off, I think that he’s entirely right to tell them to fuck off. Whether it’s an obscene level of compensation or not, it’s the agreed level of compensation. He either gets paid that level, or the government forces a bank to tear up legal contracts based on political whimsy. Which would be a very, very, very dangerous road to start down.

Secondly, from the point of view of RBS, he did a helluva job. First off, he was there for a good few of the years that they made very tidy profits. And secondly, when it all went horribly wrong, he negotiated for the government to come in and save them. That on its own means that the bank owes him big time.

Thirdly, the politicians of this world can say nothing about extravagant pensions. The pensions of an MP aren’t to be laughed at, and when you add ministerial pensions to that then you’ve got a serious amount of money. Perhaps we should claw that back if a politicians actions turn out to be for the worst? Because then Mr Brown would be getting by on the state basic in his old age…

So, there are my three reasons for thinking that Sir Fred should tell them to piss off and just keep the pension. I fully expect that I’ll be pissing into the wind on this onw though…