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The Credit Cruncher was conceived to help you to keep up to date with credit crunch and recession developments, it provides some helpful credit crunch advice and it addresses personal debt. The Credit Cruncher also seeks to explain how the credit crunch started and shed some light on the worldwide recession. Recently, we have begun to look at how BREXIT will affect the UK economy. Please feel free to leave comments where relevant.

9 Mar 2009

Investigation into RBS launched

After announcing losses of more than £24bn for 2008, Sir Fred's 10 year reign at RBS is coming under close scrutiny. This will put more pressure on Sir Fred to give up part of his £700,000 pension.
The government have sworn to legislate if necessary to prevent him walking away with his bumper pension, and may well be looking for a way of digging up proof of some wrongdoings that would make him ineligible for the pension. They are reportedly going to be paying special attention to the sports sponsorship that they have been involved in and have instructed a major law firm to investigate the conduct of Sir Fred and his colleagues with a view to possible prosecution.

The probe will be extended to HBOS and Lloyds, but you can bet that RBS will be the investigation most eagerly and diligently pursued.

Related posts:
RBS toxic assets underwritten
Sir Fred's pension
Disgraced banker gets £703,000 pension

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