Friday, February 27, 2009

Pension Hypocrites Bash The Bank Robbers

Bashing bank robbers is the latest sport whipped up by spinning ministers in the vain hope voters take their eye off the ball of the monstrous bank losses, bail-outs and disastrous economic mess. They nearly got away with it, until the cunning plan backfired. 

It's clear ministers knew all about the rancid Sir Fred pension pot deal but that didn't stop croquet-loving two Jags Prescott wading in with his two penneth and spinning for England. What a bunch of hypocrites. 

Only a fool would fail to notice the massive losses posted by Brown's banks after billions of pounds of taxpayers cash disappeared down a black hole and IOUs mount up. The losses and massive bail-outs get bigger by the day. Taxpayers are screaming enough is enough. Scenting blood, the spinners thought they were onto a winner. 

Former RBS chief fat cat, Fred the Shred Goodwin, drew gasps of disbelief and outrage when it was revealed he was drawing a pension of £690,000 a year, at the tender age of 50, in a pension pot worth £16m. 

Nice work if you can get it and Brown's City pals certainly can. But weasel words from the chancellor and his Munster looking minister cut no ice with voters. 

Tear up the contract, call his bluff sure but the Orange Party suspected treasury ministers had something to hide as the full extent of how much they knew about Sir Fred's pension pay-off was revealed. 

But that didn't stop former deputy prime minister, turned born-again working class hero, turned political blogger, John Prescott trying to keep the pot boiling. "Stop paying him and let him sue in court," shouted Prezza, landing a punch on Sir Fred on the BBC's Today programme. 

Deflect uncomfortable truths is all part of politics but in this case the pot is a little black and so is the kettle. It's all a bit rich and a bit late coming from the incompetent deputy PM who was only brought into Blair's government as an old Labour sop and New Labour prop to push through the Common Purpose agenda. 

Time and again Prescott was rewarded for failure, holding on to his pension perks, fat salary and two grace-and-favour homes while playing the odd game of croquet at Dorneywood while stripped of his departmental responsibilities. 

Prescott famously lost his department after his affair with diary secretary Tracey Temple became public but was allowed to keep his £133,000-a-year salary and perks such as Dorneywood and his flat at Admiralty House.

Ring any bells? Sir Fred is only the latest in a long line of bank robbers bailed out by the taxpayer who can retire on the proceeds of their greed and make a sharp exit from the City with a huge reward for incompetence.

Only the other week Brown promised a crack-down on bonuses. But the fat cats have already escaped from the City zoo with their pension pots.

Former HBOS chief executive Sir James Crosby walked away with a pension worth £10.4m. His side-kick Peter Cummings who oversaw £109 billion of loans leading to the HBOS crash, retires with £5.2m. Crosby's successor at the bank, Andy Hornby left with a pension pot of £2m.

And that's only scratching the surface of the City. The Orange Party could start on the government lackeys in the mish-mash of quangos and bonus-riddled top civil servants who get away with fat pensions and bonuses without a by-your leave but feels a headache coming on just thinking about it.

The real scandal is the greed-driven RBS loss of £24 billion posted yesterday after a monumental taxpayer bail-out and Lloyds £10.8 billion loss today which was bailed out last October by the taxpayer.

Bashing the bankers over bonuses was good fun while it lasted but ministers are just looking around for scapegoats for their own incompetence with Lord Myners now the latest target.  

At the centre is a deluded prime minister and his useless chancellor who are clearly floundering around and way out of their depth, leaving voters numb with the pain of a Laurel and Hardy couple flannelling away looking for someone, anyone, other than themselves to blame. 

Maybe the Supreme Leader will reassure voters that he feels their pain? For the moment the Orange Party has to suffer the useless snake-oil from the spinning medicine men, hoping one day the real pain will go away.

Picture: Enjoying the good life. Prescott takes time off from running the country (BBC)

No comments: