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The spin on Sir Fred Goodwin continues

The UK government is rumoured to be behind further suggestions in the financial press this weekend that the true cost of Sir Fred Goodwin's pension will be in the region of £30 million. These ludicrous claims are aimed at forcing Sir Fred Goodwin to give up part of his pension arrangements even though the UK government formally agreed these back in October. So why are the UK government spending so much time and effort to blacken the name of a former banking star?

There is ever growing speculation around the halls of Westminster that the UK government is attempting to use Sir Fred Goodwin's personal pension arrangements as a way to deflect more criticism from the UK banking rescue package. While the headlines have been dominated by pension arrangements agreed with former banking leaders the UK government has been piling billions upon billions of additional funding into the UK banking sector relatively unnoticed.

The ongoing anger over these pension arrangements has allowed the UK authorities to divert massive sums of taxpayer's money into the banking sector yet again. Let's not forget that these pension figures are miniscule when compared to the massive amount of money which has been used to try to prop up the UK banking system.

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