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April 3, 2009

Royal Bank of Scotland Shareholders Reject Former Chair’s Pension!

rbs-4-1-9-london-financial-district  Police in riot gear stand outside a Royal bank of Scotland branch. Thousands of demonstrators converged on London’s financial district on chanting “abolish money” and “storm the banks” in a heavily policed protest to coincide with the G20 summit of world leaders.

Ninety percent of Royal Bank of Scotland’s (‘RBS’) shareholders have categorically rejected former chief Sir Fred Goodwin’s $1 million annual pension.

Sir Fred was fired last fall when RBS was forced to beg the English taxpayers for billions of pounds in a bailout. The bank’s new chairman, Sir Philip Hampton said that the pension plan is legally stipulated by Sir Fred’s contract but no stone is being left unturned” to see if it can be overturned.

RSB’s purchase of Dutch rival ABN Amro in 2007 was catastrophic the bank and weighed it down with billions of pounds of sub-prime assets. Sir Fred and the bank have been the focus of public anger as the banking crisis continues to send the British economy into deeper recession.

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