the Goodwin pension

This is a few weeks late to be topica, although the whole issue of pensions has arisen again now, in the states with AIG, it's worth pointing out.

I'm just slightly bemused why people are quite so upset and angered at the Fred Goodwin pension.
It's not the actual sums of money that are important, Goodwin's £700k a year pension is absolute peanuts, compared to the size of the various bank bailouts. The real issue is that such guarantees were in place whilst he and others were in control. This form of protection for executives should things go belly up, as the did, gives no incentives for good and safe managment at all.

Although I agree who Goodwin feels no shame in accepting such a some after his failure is surprissing.