Tim Geithner, the US Treasurer, has announced that bonuses paid by failed insurer AIG will now be deducted from the firm’s next bail out payment. The announcement follows an outcry in the US and heavy criticism of the way Obama and Co have handled the issue. Questions have been raised about when Obama knew etc etc.
All this sounds familiar and comes on the day that it was disclosed that Goodwin received a £2.7m lump sum. He has offered to repay the money on condition that the Inland Revenue does not chase the £1.8m of tax theoretically owed.
Could it get much worse? Well yes it could.
1. Why hasn't the Government thought of applying a similar claw back to RBS?
2. Who is going to pay the £1.8m tax that that Goodwin owes as RBS is effectively owed by the tax payer?
3. When did the Government know about Godwin’s lump sum payment and the tax fiddle?
Etc, etc.
Wait for it:
RBS revealed that it was paying £290 a month for security measures at Sir Fred's Edinburgh mansion and that the bank's insurance would pay his legal expenses if any action was taken against him.
What the hell has been going on? There appears to have been gross negligence by the Treasury with our money.
The storm over bonuses is about to get a lot worse.
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