Taxpayers hit with Fred Goodwin's legal bill

Taxpayers hit with Fred Goodwin’s legal bill

A SCOT who lost his life savings when RBS collapsed is furious taxpayers will foot a huge legal bill for shamed banker Fred Goodwin.

The bank – 82 per cent owned by the Government – are expected to pay for ex-boss Fred the Shred’s representation when they fight a £4billion lawsuit.

The action is being brought by the RBS Shareholders Action Group, who claim the bank misrepresented their financial health when raising £12billion by selling new shares in 2008. Then the bank’s shares nosedived and Gordon Brown’s government had to pump in more than £45billion of public money to keep them afloat.

Dr Colin Manlove, a retired university lecturer, who lost £100,000 in the collapse, is one of 12,000 ex-shareholders involved in the action. He said: “This is an absolute disgrace. There’s no question that Goodwin should have to pay his own legal fees.

“What this shows is that there is a small group of old cronies who run this country and he is still one of them.”

Colin, 70, of Edinburgh, added: “The public have taken responsibilty for quite enough of the repercussions of Goodwin’s actions.”

Goodwin was forced to resign and stripped of his knighthood.

But he kept his £342,500-a-year pension.

Labour MP Cathy Jamieson said: “Given the size of his pension, I would hope he makes the right decision to waive this offer and pay for his own defence.”

via Taxpayers hit with Fred Goodwin’s legal bill – Daily Record.

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